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Dec. 12, 2012 /PRNewswire/ -- Advant-e Corporation (OTCQB: ADVC) today announced that its Board of Directors declared the payment of
$.02 per share special cash dividend, payable on
December 28, 2012 to shareholders of record as of
December 18, 2012. The
$.02 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
$1.1 million at an average cost of approximately
$.26 per share. As a result,
$.9 million remains available for purchase of shares on the open market or in privately negotiated transactions.
Forward/Reverse Split – On
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
$.27 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
$.02 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.