SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 24, 2007
Date of Report (Date of earliest event reported)
HIRSCH INTERNATIONAL CORP.
(Exact name of Registrant as specified in its charter)
Delaware 0-23434 11-2230715
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
50 Engineers Road
Hauppauge, New York 11788
(631) 436-7100
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17CFR240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 8 OTHER EVENTS
Item 8.01. OTHER EVENTS
On January 24, 2007, Hirsch International Corp. entered into a ten-year
exclusive distribution agreement with SEIT Electronica SRL, an Italy-based
manufacturer of textile laser application equipment pursuant to which Hirsch
will provide distribution and support services for SEIT Electronica's textile
laser systems throughout the United States. A copy of the press release
announcing this relationship is furnished with this report following the
signature page and is incorporated in this Item 8.01 by reference.
Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) EXHIBITS
99.1 Press Release dated January 25, 2007
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HIRSCH INTERNATIONAL CORP.
By: /s/ Beverly Eichel
------------------------------------------
Beverly Eichel
Executive Vice President - Finance,
Chief Financial Officer and Secretary
Dated: January 26, 2007
Exhibit 99.1
Hirsch International Corp. Signs Exclusive Distribution
Agreement with Advanced Laser Equipment Manufacturer SEIT Electronica SRL
Agreement Expands Product Line, Strengthens Hirsch's
Position as Leading Distributor of Equipment to the Decorated Apparel Industry
Hauppauge, NY - January 25, 2007 - Hirsch International Corp. (NASDAQ: HRSH), a
leading provider of advanced embroidery and screen-printing equipment and
related support services has entered into a ten-year exclusive distribution
agreement with SEIT Electronica SRL, an Italy-based manufacturer of textile
laser application equipment.
Under the terms of the agreement, Hirsch will provide distribution and support
services for SEIT Electronica's textile laser systems throughout the United
States. Hirsch currently operates two synergistic equipment distribution
businesses marketed under the names "Tajima USA Sales and Support" by Hirsch and
"MHM North America" by Hirsch.
Commenting on the addition of the SEIT Electronica line of laser application
equipment, President and CEO Paul Gallagher said, "We have built a proven
business model through which we provide superior distribution and support
services for high-quality equipment in the decorated apparel space. Our legacy
"Tajima USA Sales and Support" by Hirsch distribution business and our "MHM
North America" by Hirsch distribution business launched in August are
re-enforcing our model and allowing for strong financial performance. With more
than twenty-five sales offices and showrooms across the country, a highly
experienced nationwide sales force, and a strong corporate structure we are able
to provide an unparalleled level of support to our customers."
Mr. Gallagher concluded, "The SEIT advanced laser line is a perfect compliment
to our existing product mix that will allow increased productivity and
flexibility for our high volume decorated apparel customers; provide additional
growth opportunity for Hirsch by expanding its product offerings to its existing
markets; and add to our efforts to drive shareholder value."
About SEIT Electronica SRL
SEIT Electronica SRL, based in Valdabbiadene, Italy, is a leader in the
manufacture of advanced laser systems for a variety of industries including
eyewear, jewelry, and other industrial applications in addition to its textile
products.
About Hirsch International Corp.
Hirsch is the leading provider of advanced embroidery equipment and related
support services in the United States. The Company is the leading single source
provider of Tajima embroidery systems, marketing under the name "Tajima USA
Sales & Support" by Hirsch. Through its exclusive distribution business
division, the Company offers single and multi-head embroidery machines;
proprietary application software; embroidery parts, supplies and accessories;
and technical service and support. Hirsch's customers include contract
embroiderers, manufacturers of apparel and fashion accessories, retail stores,
and embroidery entrepreneurs.
Additionally, on August 2, 2006 Hirsch announced that it has entered into an
exclusive ten-year distribution agreement with MHM Siebdruckmaschinen GmbH for
the distribution and support of MHM screen printing equipment in North America.
Hirsch markets this distribution business division under the name "MHM North
America" by Hirsch.
The Company is lead by a strong and experienced management team focused on
continuing to grow its core business through sound acquisitions of products and
processes, as well as through related business ventures in which the Company can
build and maximize stockholder value. The Company was founded in 1970 and is
headquartered in Hauppauge, NY.
Safe Harbor Statement
Except for historical information contained herein, the matters set forth in
this news release are forward-looking statements. The Company noted that
forward-looking statements set forth above involve a number of risks and
uncertainties that could cause actual results to differ materially from any such
statement, including the risks and uncertainties discussed under the caption
"Risk Factors" in the Company's Form 10-K for fiscal 2006, which is discussion
is incorporated herein by reference.
Contacts:
Kevin Murphy
The Investor Relations Group
212-825-3210
kmurphy@investorrelationsgroup.com
Paul Gallagher
President and Chief Executive Officer
Hirsch International Corp.
631.701.2211
pgallagher@hirschintl.com
Beverly Eichel
Chief Financial Officer
Hirsch International Corp.
631.701.2169
beichel@hirschintl.com