BIH Corporation Clarifies the Move Forward

^{Published on 2010-05-20 22:40:06 - Market Wire}
 

BIH Corporation Clarifies the Move Forward -- BROOKLYN, N.Y., May 21 /PRNewswire-FirstCall/ --

BROOKLYN, N.Y., May 21 /PRNewswire-FirstCall/ -- BIH Corporation (Pink Sheets: BIHC) yesterday announced that the Company will proceed forward with a previously announced merger and now wishes to outline the details.

BIH Corporation's management has agreed to merge with a current publicly traded Company, thus the current shareholders of BIHC who were shortchanged by the SEC's actions (based on untrue accusations) will now be in a position to liquidate their holdings and/or recover their investment or decide to hold onto their investment with the knowledge that it may increase in value.

The merger will be in the form of a share swap; the Company is now in the process of evaluating and negotiating a fair exchange rate and payment date that would include a premium for the unpaid cash dividend previously announced for its shareholders.

Edward W. Hayter Sr., President of  BIH Corporation, has stated, "I am intent on making the shareholders whole with a premium as I believe this Company and its shareholders were wronged by the SEC's actions over a year ago."

Mr. Hayter added, "I will comment further on other Company actions at the right time." When asked what he meant he stated there are a lot of issues yet to be dealt with.

This press release does not constitute an offer of securities for sale. It contains 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 risks and uncertainties that could cause results to differ. Statements are based on information available as of the date hereof, and the company undertakes no obligation to update any statement to reflect occurrences after the date of this release.

[ http://www.bihcorporation.com ] 

SOURCE BIH Corporation

RELATED LINKS
[ http://www.bihcorporation.com ]