Kaire Holdings buys H&H Glass

In a change of business direction, US pharmacy services and home care medical equipment provider Kaire Holdings, Inc. is to acquire H&H Glass Corporation. The terms of the acquisition include a paymen…

In a change of business direction, US pharmacy services and home care medical equipment provider Kaire Holdings, Inc. is to acquire H&H Glass Corporation. The terms of the acquisition include a payment on approximately USD 8 million in common stock. In addition, as part of the transaction, all current convertible note holders have agreed to restructure their debt into zero coupon fixed rate convertible preferred shares with a two year hold on any conversions. H&H Glass was founded in 1989 and distributes Asian glass to North America. In fiscal year 2005, the company had net revenues of approximately USD 13.5 million with net earnings of approximately USD .5 million. Fiscal year 2006 figures are as yet unavailable. H&H Glass will be operated as a wholly owned subsidiary of Kaire Holdings Corporation. As part of its change in business direction, as of 4 February 2007, Kaire Holdings discontinued its pharmacy business. Kaire CEO Steven Westlund said, “We are excited about this change of direction for Kaire Holdings, Inc. which puts us in position with an established company, to capitalize on the growing business relationships and business opportunities in the distribution of Asian products”.