Dec. 12, 2012
/PRNewswire/ -- Advant-e Corporation (OTCQB: ADVC) today announced that its Board of Directors declared the payment of
per share special cash dividend, payable on
December 28, 2012
to shareholders of record as of
, 2012. The
per share cash dividend will total approximately
The Company also provided the following update to Corporate Actions that were announced on
November 5, 2012
$2 million Share Repurchase Program
– As of
December 11, 2012
, the Company has repurchased 4.3 million shares at a cost of
at an average cost of approximately
per share. As a result,
remains available for purchase of shares on the open market or in privately negotiated transactions.
November 30, 2012
the Company filed a Preliminary 14C with the SEC. Upon completion of the SEC's review, the Company will file a Definitive 14C and mail it to the Company's shareholders. Approximately twenty days after the mailing of the Definitive 14C, the Company will effect a 1-for-10,000 reverse split of its shares followed immediately by a 1,000-for-1 forward split. Shareholders holding a fractional share after the reverse stock split will be cashed out at
per share on a pre-split basis. The reverse/forward split was approved by the written consent of the holders of 62% of the issued and outstanding shares of Common Stock.
Voluntary Suspension of the Company's Obligation to File Reports with the SEC
– As soon as practical after the Reverse/Forward splits, the Company intends to file a Form 15 with the SEC thereby suspending public reporting obligations.
Jason K. Wadzinski
, Chairman and CEO of Advant-e stated, "We continue to make progress on our previously announced corporate actions. Because we are paying a special cash dividend prior to the completion of the reverse and forward splits, the
per share dividend will be taken into account for the remainder of the share repurchase program."
About Advant-e Corporation
Advant-e, via its wholly owned subsidiaries Edict Systems, Inc. and Merkur Group, Inc. is a provider of internet-based hosted Electronic Data Interchange (EDI) and electronic document management software and services. The Company helps businesses automate manual, paper-intensive processes via expanded use of EDI or by integrating directly with ERP/MRP systems.