30 for 1 divy coming nov 3
Propalms, Inc. (PINKSHEETS: PRPM) announced during the Company's nationwide teleconference that its Board of Directors has approved a dividend of National Energy Services Co., Inc. common shares for shareholders of record as of November 3, 2010. Propalms shareholders are to receive 1 (one) share of restricted National Energy Services stock for every 30 (thirty) shares they own of Propalms as of the Record Date; no fractional shares shall be issued.
As a part of the teleconference, Owen Dukes, CEO of Propalms, was able to update the financial community on Propalms' new corporate strategy, the sale of its subsidiary Propalms Ltd. and what the impact of the sale will have on the Company and its shareholders. Robert Zysblat, President of Propalms, Inc., discussed the Company's new focus on buying and selling revenue generating technology companies and the name change Propalms has filed with FINRA to better reflect the Company's new corporate strategy.
Mr. Dukes and Mr. Zysblat explained the reasons behind the sale of Propalms Ltd. during yesterday's teleconference. Mr. Dukes stated, "It has always been our mission here at Propalms to increase shareholder value. Over the past few years management has become concerned about the stock price and feels it is our responsibility to improve the valuation for all of our shareholders." Robert Zysblat, President of Propalms, Inc., explained that Propalms Ltd. generated less than half a million dollars in revenues for the six month period ending July 31, 2010. In addition, Propalms Ltd. required significant new capital to expand. The sale of Propalms Ltd. enabled Propalms, Inc. to add $1 Million of National Energy Services Company, Inc. shares, an over the counter bulletin board company, to its asset base and reduce its liabilities by $1.3 Million. At the time of the sale, Propalms, Inc. improved its balance sheet by more than approximately 6 times the revenue it generated in the first six months.
Mr. Dukes also mentioned during the nationwide teleconference that through Propalms' new corporate strategy the Company will be focused on buying and selling technology companies that are already revenue generating and are in the need of a strong management team, global distribution network, and capital in order to "make it to the next level." He also explained how Propalms, Inc. has signed a letter of intent to acquire Acute Systems, a Florida based Technology Company, and expects to have the transaction completed within the next few weeks.
Mr. Zysblat announced that Propalms will be issuing a dividend of National Energy Services Co., Inc. stock to Propalms Inc. shareholders as well as a continuing plan to issue a dividend with every new spinoff. He also mentioned his focus under the new corporate strategy will be looking at select number of quoted technology companies that Propalms may take a financial interest in. If the Company believes that the share price is undervalued and we can see potential growth, Propalms may consider to add input to the companies if the occasion requires.
Mr. Zysblat went on to explain the reasoning behind Propalms' filing for its recent name change during the teleconference. Mr. Zysblat stated, "Propalms, Inc. has adopted this new corporate strategy; it was better that the company had a name to better reflect this strategy and cause less confusion." Propalms, Inc. has registered its new domain name, made the required changes under the State of Nevada amendments and received its new CUSIP number. The Company is waiting to hear from FINRA on the exact date of the name change, but we will keep its shareholders up to date on any and all changes.
"We are extremely excited about the implementation of our new corporate strategy and are looking to grow our revenue significantly in the near future," stated Owen Dukes, CEO of Propalms, Inc.
More information on today's teleconference can be found on www.propalms.com
Safe Harbor Statement -- This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 27E of the Securities Act of 1934. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual or future results may differ materially from those anticipated depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ARTI does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Contact:
Propalms, Inc.
407-389-5900
