Polaris International Holdings, Inc. (PINKSHEETS: PIHN) (http://www.polaris-int.com) announced today that, based upon progress in their technology evaluation for IPTV (Internet Protocol Television) and current discussions with potential partners under the guidance of Mr. Naoki Ido, it plans to enter the market with its initial product line during the second quarter of 2008. The IPTV division announced in December it is focusing on designing, manufacturing and selling products related to WiMax and IPTV. Previously, Mr. Ido was President of Extreme Networks K.K. Tokyo, Japan, and Vice-President of Extreme Networks, U.S.A. until August 2007 when he joined Polaris International Holdings, Inc. as an advisor in November 2007.
According to Kuni Misawa, Polaris International Holdings, Inc. CEO, "We are very pleased with the progress our new division has made in the past 60 days. In this rapidly evolving market, we are delighted that the combined international network of our leadership team is presenting us with a wide variety of options and technologies to consider as we work to select the ones we feel will provide the greatest opportunity for growth and profitability in this exciting new market. IPTV represents a significant market both in the near and long term and our early diligence in choosing the best technologies will help us secure our share of the market."
IPTV, the delivery of television programming by way of the internet, is one of the fastest growing companies of the information technology sector. According to Multimedia Research Group, Inc., the number of IPTV subscribers will grow from 14.3 million in 2007 to 63.6 million in 2011, a compound annual growth rate of 45 percent. In Asia, growth has been especially high in China, Japan, and Hong Kong, primary areas of the Company's focus.
Additionally, certain technical issues related to the Depositary Trust Corporation (DTC) have been resolved so that we are now in a position to move forward towards the closing of our previously scheduled acquisitions. Delays in closing the acquisitions are what initially brought these issues to our attention but with the issues resolved we are now able to move forward without further delay and anticipate an initial closing within 4 to 6 weeks."
About Polaris International Holdings, Inc.
Polaris International Holdings, Inc., a Delaware corporation with offices in Huntington Beach and Los Angeles, California and Tokyo, Japan, is a holding company of IT services and technology companies located in Japan. The Company plans to expand from its current territory of Japan to include the other rapidly growing Asian markets.
Polaris International Holdings has entered into an acquisition agreement with Polaris Technology, Inc. a privately held IT company in Japan as well as a definitive agreement for the acquisition of Staff IS CO., Ltd's cabling division http://www.staffis.co.jp.
Forward-Looking Statements and Risk Factors
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve a number of risks, uncertainties and other factors that could cause actual results, performance or achievements of Polaris International Holdings, Inc to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. There can be no assurance that we will satisfactorily reach our objectives or projections. Other factors, which could materially affect such forward-looking statements including risk factors relating to lack of sufficient capital, competition, lack of expertise in some or all of the areas we are currently attempting to do business in and lack of market support for our stock. Investors, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are only made as of the date of this press release and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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