WEST CHESTER, Pa., Dec. 20 /PRNewswire-FirstCall/ -- ComCam, Inc. (OTC Pink Sheets: CMCA) today announced that its board of directors has approved a dividend of the outstanding shares of its wholly owned subsidiary ComCam International Inc. ("Subsidiary") to the shareholders of ComCam, Inc. ("Parent") in order to consolidate its intellectual property, patents, trademarks, copyrights, and licensing operations into the Subsidiary that will enable it to grow independently of its Parent.
Record Date -- the close of business on December 7, 2007 , being the date for determining the holders of the Parent's common stock that will receive common shares of the Subsidiary as a dividend, as well as the date for determining the holders of the Parent's common stock that will receive an information statement regarding the dividend.
Dividend Date -- the close of business on December 28, 2007 , being the date for determining the holders of the Parent's common stock that are entitled to the common shares of the Subsidiary in as a dividend, as well as being the date when the Parent and the Subsidiary are effectively separated.
Ex-Dividend Date -- the close of business on December 31, 2007 , as determined by NASDAQ, being the date when the Subsidiary's common shares are distributed to the Parent's shareholders as of the Record Date.
Distribution Ratio. Shareholders of the Parent will receive as a dividend that number of common shares of the Subsidiary which is equal to one (1) common share of the Subsidiary for each twenty (20) common shares of the Parent held by them as of the close of business on the Record Date. No fractional shares or payment therefore shall be made incident to the dividend; rather any fractional shares of the Subsidiary to be received by the Parent's shareholders shall be rounded up to the next whole share.
ComCam International is a leader in network video command-and-control products providing solutions and technical services to U.S. government agencies, Fortune 500 companies, research facilities and original equipment manufacturers. The company recently won a contract for design and deployment of asset tracking, access control and digital CCTV for Immigration Customs and Enforcement (ICE), the largest investigative branch of the Department of Homeland Security (DHS). http://www.comcam.net .
A number of statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release because of certain exclusions under Section 27A (b). These forward-looking statements involve a number of risks and uncertainties, including timely development, market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results that ComCam may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. ComCam encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. ComCam's public filings may be viewed at http://www.sec.gov.
SOURCE ComCam, Inc.