Peacock Financial Declares Stock Dividend of iNetPartners Inc.; Record Date is June 30; Distribution Date is July 10
LOS ANGELES--(BUSINESS WIRE)--June 26, 2000--Peacock Financial Corporation, (OTCBB:PFCK) today announced that it would distribute shares in the form of a stock dividend in its subsidiary, iNetPartners. Inc., during the month of July.
The Record Date for this dividend is close of business Friday, June 30, 2000. Purchases transacted on June 30 that settle "T plus 3" or July 6 (allowing for the Federal holiday July 4) will be included and eligible for this dividend.
The actual delivery of these shares (Distribution Date) is July 10, 2000. The ratio of the distribution is 100 to 1, meaning that for each 100 shares of Peacock Financial stock owned, 1 share of iNetPartners will be paid. This dividend represents approximately one-third of the company's iNetPartners' equity position.
In that iNetPartners is currently a privately held corporation, and will be at the time this distribution is made, there will be no means to electronically distribute (DTC) this dividend to Peacock shareholders. All iNetPartners shares paid will be done so via physical certificates. All certificates will be issued in shareholder name only. Details regarding the dividend methodology will be covered in a subsequent press release later this week.
It is management's intention to "spin off" iNetPartners into a publicly traded entity to facilitate raising the next round of capital in order to expand iNetPartners' operations beyond the present Southern California market. In addition, several new market-driven subsidiaries are expected to be created under iNetPartners' public umbrella.
This announcement is in keeping with Peacock Financial's policy of issuing to its shareholders, from time to time, shares in affiliate companies that Peacock has invested in prior to their going public.
iNetPartners, Inc. was established in 1999 to build Internet-enabled B-to-B and C-to-B applications in automotive commerce. iNetPartners successfully launched its first Internet application, iNet4Cars.com, on May l, 2000. iNet4Cars.com has exceeded its dealer sign-up forecast by over 50% in the first 7 weeks of operation.
Peacock Financial Corporation is a publicly traded investment holding company, fully reporting with the Securities & Exchange Commission as a BDC (Business Development Corporation) under the Investment Company Act of 1940, as amended. For more information, go to: www.peacockfinancial.com.
Safe-harbor statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein that are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including but not limited to certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the company's filings with the SEC (Securities and Exchange Commission).
CONTACT:
Peacock Financial Corp
Steven Peacock, 909/652-3885
or
iNetPartners Inc.
Robert Braner, 310/863-3430
or
Stock Enterprises Inc. (Investor Relations)
James Stock, 702/614-0003
or
National Financial Communications Corp.
(Investor Relations)
Mario "Ike" Iacoviello, 800/878-9460
Announcement: America Online has added Reuters newswires to News Profiles. To add Reuters articles to your daily news delivery, go to KW: News Profiles and click on "Modify Your News Profiles." Then click "Edit" and add Reuters from the list on the left.
To edit your profile, go to keyword NewsProfiles.
For all of today's news, go to keyword News. |
