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MZT Holdings, Inc. Clarifies Stockholders Eligible to Receive Initial Liquidating Distribution
FOXBOROUGH, Mass., Aug 26, 2008 (BUSINESS WIRE) -- MZT Holdings, Inc., formerly known as Matritech, Inc. (trading symbol: MZTH) (the "Company" or "MZT Holdings"), announced on August 20, 2008 that the Company's Board of Directors declared a liquidating distribution of $0.15 per share on each outstanding share of the Company's common stock. The Company made this distribution on August 25, 2008 to all stockholders of record of the Company's common stock as of the close of business on April 4, 2008, including to Cede & Co., a nominee of the Depository Trust Company, which is the record holder for stockholders who hold shares of MZT Holdings' common stock through a broker.
In connection with the Company's announcement of this initial liquidating distribution, Nasdaq established an "ex-date" of August 26, 2008. (An "ex-date" is a date on which a security is traded without a previously declared dividend or distribution.) As a result, the payment that the Company remitted to Depository Trust Company on August 25, 2008, which pertains to the shares held of record by Cede & Co. and owned by investors in street name, will be distributed by the Depository Trust Company to eligible brokers to allocate to client accounts based on the ownership of MZT Holdings' common stock as of August 26, 2008.
As previously disclosed, this liquidating distribution represents a partial distribution to the Company's stockholders of funds that the Company received in connection with the December 2007 sale of substantially all of the Company's assets to a wholly-owned subsidiary of Inverness Medical Innovations, Inc. Subsequent to this sale, on January 18, 2008, the Company filed a certificate of dissolution with the Secretary of the State of Delaware. In addition, the Company's closed its stock transfer books as of the close of business on January 18, 2008 and established a record date for liquidating distributions to the holders of its common stock of April 4, 2008. In establishing the amount of this initial liquidating distribution, the Company's Board of Directors first established reserves in anticipation of any known, unknown or contingent future claims.
Prior to finally winding up its affairs under Delaware law, the Company intends to make at least one additional liquidating distribution to the holders of record of its common stock as of April 4, 2008. If the Company makes any additional liquidating distributions, Nasdaq will again set an ex-date for shares held by Cede & Co. Though the timing and amount of any future liquidating distribution or distributions are not yet known, the Company does not presently anticipate making a final liquidating distribution prior to the second quarter of 2012.
Statement under the Private Securities Litigation Reform Act
This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding the timing and amount of potential future liquidating distribution payments and amounts available for distribution to holders of common stock. These statements reflect the Company's current expectations with respect to future events and are based on its management's current assumptions and information currently available. Actual results may differ materially. There can be no assurance that the Company's expectations will be achieved. Please refer to the risk factors detailed in the Company's periodic reports and registration statements as filed with the Securities and Exchange Commission, as well as in the Company's definitive proxy statement filed on November 14, 2007. These forward-looking statements are neither promises nor guarantees. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. MZT Holdings undertakes no responsibility to revise or update any such forward-looking information.
SOURCE: MZT Holdings, Inc.
