RSHN RushNet, Inc. Incorporates the Apple Rush Company; Updates Dividend Plan
Wednesday November 8, 9:20 am ET
BLUE ISLAND, Ill.--(BUSINESS WIRE)--RushNet, Inc. (Pink Sheets:RSHN - News) is pleased to announce to its nearly 5,000 stockholders that the Company has:
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1) formally registered Apple Rush Company, Inc. as a Nevada corporation;
2) secured world-wide-web domain rights to OrganicAppleRush.com, AppleRush.com, AppleRush.net, AppleRush.org, AppleRush.biz, AppleRush.us and AppleRush.info;
3) initiated transfer of all Apple Rush trademark applications to Apple Rush Company, Inc.
RushNet also disclosed an overview of a previously announced plan to spin-off free-trading shares of Apple Rush Company, Inc. as a dividend to stockholders.
According to Robert Corr, president of RushNet, Inc, the Company plans to declare a special dividend of one unit of Apple Rush Company, Inc. per a fixed number of RushNet, Inc. shares. The unit will consist of one free-trading share of Apple Rush Company, Inc., an OTC bulletin board company, and two attached warrants.
The first warrant will give the unit holder the right to buy one free-trading share of Apple Rush Company, Inc. at 66 2/3% of the closing price averaged over the first five days of public trading of said company. This warrant will expire in 45 days from commencement of trading in the underlying security.
The second warrant will also give the unit holder the right to buy one free-trading share of Apple Rush Company, Inc. The second warrant will be exercisable until 29 June 2007 at a price equal to twice the closing price averaged over the first five days of public trading of Apple Rush Company, Inc.
Corr said complete specifics of the dividend transaction would be forthcoming.
While RushNet, Inc. expects to complete, before 90 days elapses, the spin-off of its subsidiary Apple Rush Company, Inc. to the OTC bulletin board, the timetables of all transactions of this type are ultimately governed by rules and regulations of the U.S. Securities and Exchange Commission.
"Equity in the Apple Rush Company is our gift to loyal shareholders," explained Corr. "RushNet stockholders, not a few fortunate financiers, can own the company which owns the sparkling Organic Apple RUSH(TM) line of organic beverages that has our industry all agog. After three years in business, IZZE® peddled its line of non-organic sparkling fruit juice to PepsiCo for $75 million, reportedly. This is a hot sector, and Apple Rush Company is a competitor."
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