Globe Staff Consulting Corp (fka GSFC)

[chapter54]

dividend

GSFC dividend news, any day now.....

BAYONNE, France and PHILADELPHIA, July 13 /PRNewswire-FirstCall/ -- Sure Trace Security Corporation today announced that its Board of Directors has voted to spin out its majority owned subsidiary, Globe Staff Consulting Corporation , a homeland R&D security company focused on serving the transportation and homeland security industries. SSTY had previously announced that it was considering plans to effectuate a spin out through a dividend to its shareholders.

SSTY owns a majority of the shares of GSFC. SSTY's Board of Directors has approved the spin out of GSFC through the dividend of 100% of the SSTY owned shares of GSFC to all stockholders of SSTY on a pro rata basis. The dividend will be payable on a record date to be determined by the SSTY Board of Directors. The conversion ratio of SSTY shares to GSFC shares has not yet been determined by the Board of Directors. Further details will be released regarding the dates and percentages along with other pertinent information. Fractional shares of GSFC common stock will not be issued. The shares issued to SSTY shareholders shall be restricted. SSTY shareholders will retain their present shares in SSTY.

The Company intends that the dividend will be structured to qualify as a tax-free stock dividend to SSTY stockholders for U.S. federal income tax purposes.

Shortly after the dividend record date, SSTY will mail an information statement to its stockholders of record as of the close of business on the record date. The information statement will include information regarding the dividend and the business and management of GSFC following the distribution. In addition, SSTY and GSFC intend to file important information related to the spin out, including this release, with the Securities and Exchange Commission on Form 8-K.

http://www.suretrace.com/ir/pr_130706.html

regards.....

~ ric