According to Robert Corr, president of RushNet, Inc, the Company plans to declare a special dividend of one unit of Apple Rush Company, Inc. per a fixed number of RushNet, Inc. shares. The unit will consist of one free-trading share of Apple Rush Company, Inc., an OTC bulletin board company, and two attached warrants.
The first warrant will give the unit holder the right to buy one free-trading share of Apple Rush Company, Inc. at 66 2/3% of the closing price averaged over the first five days of public trading of said company. This warrant will expire in 45 days from commencement of trading in the underlying security.
The second warrant will also give the unit holder the right to buy one free-trading share of Apple Rush Company, Inc. The second warrant will be exercisable until 29 June 2007 at a price equal to twice the closing price averaged over the first five days of public trading of Apple Rush Company, Inc.
Corr said complete specifics of the dividend transaction would be forthcoming.
While RushNet, Inc. expects to complete, before 90 days elapses, the spin-off of its subsidiary Apple Rush Company, Inc. to the OTC bulletin board, the timetables of all transactions of this type are ultimately governed by rules and regulations of the U.S. Securities and Exchange Commission.
