SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) July 18, 1995
PACIFIC INTERNATIONAL SERVICES CORP.
(Exact Name of Registrant as Specified in Its Charter)
California
(State or Other Jurisdiction of Incorporation)
0-11404 95-2877371
(Commission File Number) (I.R.S. Employer Identification Number)
1600 Kapiolani Boulevard, Suite 825, Honolulu, Hawaii 96814
(Address of Principal Executive Offices)
(808) 926-4242
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events.
Pacific International Services Corp. (the "Company") has entered into an
agreement to sell its rental car division to Dollar Systems, Inc. ("Dollar
Systems"). The Company has issued a press release on July 19, 1995, the terms
of which are incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
99.1 Press Release issued on July 19, 1995.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PACIFIC INTERNATIONAL SERVICES CORP.
(Registrant)
Date: July 19, 1995 By: /s/ Alan M. Robin
Alan M. Robin
President
For more information, contact:
Alan Robin, PISC
Honolulu, Hawaii
(808)926-4242
or
Gary Paxton, President, Dollar
Tulsa, Oklahoma
(918)669-3010
JULY 19, 1995
FOR IMMEDIATE RELEASE
PACIFIC INTERNATIONAL SERVICES CORP.
SELLING RENTAL OPERATIONS TO DOLLAR
HONOLULU, Hawaii. Pacific International Services Corp. (PISC), today
announced it has entered into an agreement with Dollar Systems, Inc. (Dollar),
to sell its vehicle rental operations. The purposed transaction is subject to
due diligence review, as well as approvals of PISC's public shareholders,
bondholders, and others. PISC will continue to own and operate South Seas
Motors and Oahu Chrysler Jeep in Honolulu.
Dollar President, Gary L. Paxton, said the transaction will benefit the
travel industry and consumer in Hawaii, as well as Dollar and PISC.
"Hawaii is one of the top tourism markets in the world. Since Dollar has
always marketed aggressively to the leisure traveler, we saw this as an ideal
opportunity to enhance an already strong presence of Dollar on the islands,"
Paxton said.
Paxton was also complimentary of the management and employees of PISC in
building market share in Hawaii, and pledged to maintain the high quality of
service customers have come to expect when traveling "to the most beautiful
islands in the world".
Alan Robin, President of PISC, added, "Car rental in leisure destinations
is fiercely competitive, and Dollar has a powerhouse track record in serving
leisure markets like California and Florida. I have every confidence that with
their abundant resources, they will make Dollar Hawaii a stronger travel partner
on the islands, and provide even greater value to our customers and travel
agents worldwide."
Dollar Systems, Inc., a subsidiary of Pentastar Transportation Group, Inc.,
based in Tulsa, Oklahoma, has more that 1,300 worldwide locations in 60
countries.
