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PRESS RELEASE
BIH Corporation Board Votes and Approves Payment of Dividend
Last update: 3:20 a.m. EST Dec. 10, 2008
WEST ORANGE, N.J., Dec 10, 2008 /PRNewswire-FirstCall via COMTEX/ -- BIH Corporation's (Pink Sheets: BIHC) Board of Directors met yesterday and has approved a dividend payment subject to approval from the company's President & CEO and Majority Shareholder.
Mr. Cris Galo, President & CEO and Majority Shareholder, has agreed to the Board's 3-for-1 stock dividend vote; however, he also insists on a payment of a cash dividend as promised to the company's shareholders. The Board voted the cash dividend down.
Mr. Galo ultimately said if necessary he will exercise all of his power, as he is the majority shareholder; however, he has to respect protocol and contractual agreements, as the Board is made up of four people -- two representatives of Baron International and two representatives of BIH Corporation. Mr. Galo insists that a dividend payment must include a cash payment as promised.
The Board adjourned for the evening and will pick up the meeting tomorrow; Mr. Galo is adamant about delivering a cash dividend as promised and has informed the Board that he will utilize all of his powers as the majority shareholder to make sure it happens.
Mr. Galo also said he has informed the Board of Directors that a cash dividend must be paid as promised; if not he will exercise all of his rights legally as the majority shareholder to do so. The Board has confirmed that they will meet tomorrow to further review the issue.
Mr. Galo also stated the Company has lost at least 70% of its value in the last two days, and that is not acceptable to him or the Company's Management, as they have a viable ongoing subsidiary with major accounts and significant revenues.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
SOURCE BIH Corporation
Copyright (C) 2008 PR Newswire. All rights reserved
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