PWDR - Stock Dividend (1 for 4)
Power Direct, Inc. Declares Spin-Off Stock Dividend of 50% of New Company to Shareholders
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 17, 1999-- Power Direct, Inc. (OTC BB:PWDR) is a development, investment company with diversified holdings which include a substantial oil recovery project in Wyoming, and a gas project in Alberta, Canada.
The company recently acquired an option to purchase up to 51% of LANSource Technologies, Inc., a leading developer of Internet and LAN-based fax and data communications software.
Power Direct announces today that it has launched a subsidiary company, PDTech.com for the purpose of investing in viable internet and technology companies as previously announced. The LANSource acquisition will be financed through this new entity.
Power Direct will file with the SEC to make PDTech.com a fully reporting, publicly traded, over the counter company, of which Power Direct will own 50% after the spin off dividend. PDTech.com will be dedicated to the acquisition and development of internet based and technology companies.
The board of directors approved a stock dividend of three million (3,000,000) shares of PDTech.com (50% of the subsidiary's outstanding stock). The record date will be set following the filings of an information statement and an Exchange Act registration statement with the SEC. Power Direct stockholders will receive shares of the subsidiary spin-off dividend based on their pro rata Power Direct holdings on the record date.
Based on currently outstanding shares, each Power Direct stockholder would receive one share of PDTech.com's common stock for approximately every four Power Direct shares held at the record date.
PDTech.com's goal is to invest in aggressive emerging companies with strong management and marketing alliances such as LANSource Technologies Inc. LANSource is an internet software development company who currently has agreements in place with companies such as Microsoft (Nasdaq:MSFT), IBM (NYSE:IBM), Hewlett Packard (NYSE:HWP), 3Com (Nasdaq:COMS), Brooktrout (Nasdaq:BRKT), and Citrix (Nasdaq:CTXS).
Jack Sha, president of Power Direct, Inc. stated, "We are very excited about the acquisition of LANSource Technologies, Inc. and the formation of our wholly owned subsidiary PDTech.com in conjunction with the stock dividend to our shareholders. Management feels that this is a significant step forward in enhancing shareholder value."
On behalf of the Board of Directors
Jack Sha, President
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