Midland Inc. Announces a 50% Preferred 'A' Stock Dividend
Business Wire - May 18, 1998 09:41
%MIDLAND MIDL %TEXAS %ENERGY %OIL %GAS %DIVIDEND V%BW P%BW
DALLAS--(BUSINESS WIRE)--May 18, 1998--Daniel W. Fisher, CEO of Midland Inc. (OTC BB:MIDL), today announces the following two
items, both of which are felt to be beneficial to the company and the shareholders.
First, there will be a dividend on the publicly traded series A preferred stock (MIDLP). For every two shares of existing preferred series A stock
held by shareholders of record on the close of the business day, May 29, 1998, a dividend of one share of preferred will be issued. This dividend
will automatically convert to 35 shares of common stock on Oct. 1, 1999, whereas the existing preferred A will automatically convert on Oct. 1,
1998. This 50% stock dividend is being taken from existing treasury so no additional dilution to the existing shares will occur. Management feels this
is a fair dividend for the shareholders who have supported Midland Inc. through its early stages of development.
The second matter is a reduction of the exercise price of the Midland warrants (MIDLW) from $1.00 to $0.50. This brings the exercise price of the
warrants in line with the common. All other conditions concerning the warrants will not be effected. As soon as the registration statement registering
the common stock underlying the warrants becomes effective, the warrants may be exercised.
The company anticipates concluding the necessary SEC filings as soon as possible and has begun the necessary regulatory process. The company
has concluded the field work on its audit so as to move forward with its 10-K filing, which should occur sometime next week.
Safe Harbor Act Disclaimer: This release may contain forward-looking statements that involve risks and uncertainties including, without limitation,
continued acceptance of the company's products and services, increased levels of competition, new products and technological changes, the
company's dependence upon financing, third-party suppliers and intellectual property rights, and other risks detailed from time to time in the
company's federal filings, annual report, offering memorandum, or prospectus.
CONTACT: Midland Inc., Dallas
Daniel W. Fisher, 972/991-3200 |
