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HRSH > SEC Filings for HRSH > Form 8-K on 30-Sep-2009All Recent SEC Filings

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Form 8-K for HIRSCH INTERNATIONAL CORP


30-Sep-2009

Other Events


Item 8.01 Other Events

As previously disclosed, Hirsch International Corp. (the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement"), dated as of July 2, 2009, among the Company, Hirsch Holdings, Inc., a Delaware corporation ("Parent"), and HIC Acquisition Company, a Delaware corporation and a wholly-owned subsidiary of Parent ("Merger Sub"), pursuant to which, subject to satisfaction of the terms and conditions contained in such agreement, the Company will be merged with and into Merger Sub (the "Merger"), with the Company continuing as the surviving corporation and a wholly-owned subsidiary of Parent. All of the equity of Parent is owned by Paul Gallagher, the President, Chief Executive Officer and Chief Operating Officer of the Company. A description of the material terms of the Merger Agreement, a copy of the Merger Agreement itself, as well as information regarding, among other things, a special meeting of the Company's stockholders and the Company, is available in the Company's definitive proxy statement relating to the proposed Merger (the "Definitive Proxy Statement"), filed with the Securities and Exchange Commission (the "SEC") on September 25, 2009, and which was mailed to stockholders on or about the same date.

In connection with the proposed acquisition of the Company, Mr. Gallagher entered into a financing commitment letter with Keltic Financial Services LLC, dated June 12, 2009. The material terms of the financing commitment letter are described in the Company's Definitive Proxy Statement, and a copy of the financing commitment letter is available as an exhibit to the Schedule 13E-3 filed jointly with the SEC by the Company, Mr. Gallagher, Parent and Merger Sub. The Company has been informed that the financing commitment letter was amended on September 28, 2009 pursuant to a letter agreement, which extends the expiration date of the financing commitment letter from September 30, 2009 to November 6, 2009, and also makes the borrowers under the contemplated financing arrangement Parent and Merger Sub. A copy of the letter agreement is available as an exhibit to the amendment to Schedule 13E-3 filed jointly with the SEC by the Company, Mr. Gallagher, Parent and Merger Sub on the date hereof.


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