SearchPath HCS Announces Finalization of Dividend Distribution
GlobeNewswire “Press Releases “
CLEVELAND , Oct. 15, 2010 (GLOBE NEWSWIRE) — SearchPath HCS, Inc. (Pink Sheets:SRCP), a leading Human Capital Solutions provider, is pleased to announce that the Company has achieved regulatory compliance for its previously announced dividend and warrant package for its shareholders.
Each shareholder will receive a “unit” consisting of one share of restricted stock and one warrant to purchase an additional share of restricted stock with a strike price of one-cent ($0.01) , for each 100 shares held as of the record date of October 18, 2010 . The payment date for the unit will be October 30, 2010 .
In concert with its commitment to build and maintain shareholder value as well as assist in the overall growth of SPI’s corporate franchise program, the Company’s Board of Directors has approved this as the first in a series of up to six such dividends. The terms of future dividend units will be decided upon at the discretion of management.
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