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Press Release Source: James Monroe Capital Corporation
James Monroe Capital Authorizes Stock Dividend
Wednesday November 22, 8:02 pm ET
CHICAGO--(BUSINESS WIRE)--James Monroe Corporation (Pink Sheets:JMCP - News) has authorized a stock dividend of its restricted shares of Originally New York, Inc. such that every holder of 2010 shares of the Company's issued and outstanding stock shall be entitled to receive 1 share of Originally New York, Inc. The record date of this dividend is December 12 and the pay date is December 27 of this year.
ONYI Chairman Taylor Moffitt said, "Chris McGovern and I will be leaving to focus on ONYI now, and we are bringing our JMCP shareholders with us. If you want to be in this party, the show's at ONYI. At some point in the future following the dividend, ONYI will be renamed 'James Monroe Capital Corporation.' This train's leaving, and we're all going to OTC BB town."
The dividend stock is unregistered and accordingly would be restricted. Restricted stock cannot be sold for a period of time, such as a year or two. This protects shareholder value. Following the holding period, restricted stock is also subject to selling limits proportionate to the size of the company. This also helps to protect share prices.
James Monroe Capital President Chris McGovern said, "We have our known broker list, and will follow the strictest procedures of accurate dividend practice."
Moffitt commented, "On a less positive note, with this dividend passing value up to shareholders, the soon-to-be-former JMCP will be losing some of its intrinsic value. It has a future that is uncertain. We will announce our plans for it after they have been determined. Overall this is an outstanding reason to give thanks: the dividend will make your net worth go up. However, if you have short-term investment intentions, you should use discretion. Also, shareholders should be advised that if they sell their stock before the execution date, which is yet to be determined by the NASD, they would not get the dividend. In that light, we hypothesize the trading volume to be short-term investors selling while long-term investors are buying. We're happy to gain long-term partners and accommodate the exit of the short-term market players. I hope all shareholders find us worthy of their continued partnership. I will continue to work diligently to care for OUR new company, ONYI. Happy Thanksgiving and God bless."
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.
Contact:
James Monroe Capital Corporation, Northbrook, IL
Chris McGovern, 847-418-3848
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Source: James Monroe Capital Corporation
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