UNITED STATES
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) December 21, 1995
PACIFIC INTERNATIONAL SERVICES CORP.
(Exact Name of Registrant as Specified in Charter)
California 000-11404 95-2877371
(State or other Commission File (I.R.S. Employer
jurisdiction of Number Identification No.)
incorporation or
organization)
2841 N. Nimitz Highway, Honolulu, Hawaii 96819
(Address of principal executive offices) (Zip Code)
(808) 836-0515
Registrant's telephone number, including area code
1600 Kapiolani Boulevard, Suite 825, Honolulu, Hawaii 96814
(Former name, former address and former fiscal year,
if changed since last report.)
Item 2. Acquisition or Disposition of Assets.
Pacific International Services Corp. (the "Company") has closed the sale of
its rental car division to Dollar Systems, Inc. on December 21, 1995. The
Company has issued a press release on December 26, 1995, the terms of which are
incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
20.1 Press Release issued on December 26, 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: 1-4-96 By /s/ Richard Bauman
Richard Bauman
Vice President
Exhibit 20.1
PACIFIC INTERNATIONAL SERVICES CORP.
FOR IMMEDIATE RELEASE
For further information,
Contact Alan Robin at 926-4242 or 836-0516
December 26, 1995
Honolulu, Hawaii.
The sale of Pacific International Services Corporation's Dollar Rent-a-Car
operations to Dollar Systems, Inc., was closed on Thursday, December 21, 1995.
After nearly all of PISC's bondholders approved the transaction, PISC's
shareholders approved the sale on December 19. The transfer of operational
control and other transactional details should be completed before January 15,
1996.
The closing of the sale marks the end of nearly a year of negotiations,
during which PISC, under the direction of the president, Alan Robin, was able to
negotiate an agreement which protected the interests of PISC's shareholders,
employees and creditors, including the State of Hawaii. According to Robin,
"although PISC was threatened with lawsuits and bankruptcy, it was possible to
achieve an amicable resolution of many difficult issues because we did not
abandon our shareholders or our employees. Many people told me this was
impossible, but we never gave up. The day of the independent car rental
franchisee may be over, but we handled the transaction better than anyone
expected."
Robin, who oversaw the growth of PISC's rental car operations from 1976-
when it had revenues of only $1 million and a negligible market share-until
1995-when it had revenue of more than $55 million and a 14% statewide market
share-was saddened to see the operation pass out of local ownership. He said
that "automobile manufacturers have become the dominant forces in the car rental
industry, and PISC lasted longer than its local competitors."
The transfer to Dollar Systems will bring this rental car operation, one of
Hawaii's largest, under the direct ownership of the Dollar Rent-a-Car
franchisor, which is a subsidiary of Chrysler Corporation. Dollar Systems is
expected to maintain the statewide operations intact. Sirio Maggiocomo will
remain as director of operations. Rob Solomon and Barbara Lau will continue to
direct sales and marketing activities. Over 300 of PISC's rank and file
employees will be hired by Dollar Systems and they are not expected to be
significantly affected by the change in ownership, according to Robin.
Robin also said that PISC retains ownership of its subsidiary, South Seas
Motors, Inc., which will continue to sell Chryslers, Jeeps, Eagles and Hyundais.
South Seas presently has two full-service automobile dealerships-Oahu
Chrysler/Jeep in Walpahu and on South Seas Jeep/Eagle on Nimitz Highway near the
Honolulu International Airport. Robin expects that PISC will also explore other
business opportunities in Hawaii and on the mainland.
