* Likelihood of a revised merger transaction being pursued is minimal
* Hirco and the Hiranandani Family have had ongoing discussions primarily with Hirco's largest shareholders over the past year. These discussions have coincided with a strategic review, which was conducted to consider the options available to the Company. Following this review, discussions revolved around a revised merger, in large part similar in structure to that proposed on December 18, 2008. However, it became clear during these discussions that the Company and the owners of the Burke companies were unlikely to reach agreement on terms that would be acceptable to both parties. Therefore, at this time, the Company believes that the likelihood of such a transaction being pursued is minimal
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