Mutliple penny run starts TODAY!!! Buckle up!!! --------------------------------------------------------- $$$$ Adama Technologies Anticipates a Special Dividend of $0.06 (Six Cents) to Each Shareholder of One Common Stock $$$$
Press Release Source: Adama Technologies Corporation On Thursday April 21, 2011, 7:00 am EDT
NEW YORK, April 21, 2011 /PRNewswire-FirstCall/ -- Adama Technologies Corp. (OTCBB:ADAC.ob - News), a clean-tech company, today announced the company intends to issue a one-time special dividend to all existing shareholders pending from the sale of its rights to a renewable energy project in Bucharest.
Adama recently announced the signing of a non-binding term sheet with a purchaser seeking to acquire the rights to a renewable energy project currently held by Adama. The project under negotiation is a 2.5 Mega Watt municipal waste gasification project in Bucharest, Romania.
The two parties are negotiating around a price of approximately $15MM subject to an independent appraisal.
Due diligence by the purchaser is required to conclude by July 30, 2011.
The estimated dividend amount payable to each shareholder of one common stock is $0.06.
"Should the sale of the rights of our project proceed as expected, we will be extremely pleased to reward our shareholders with this special dividend," stated Aviram Malik, CEO of Adama Technologies. "We want to thank all of our shareholders for their continuous support and show our commitment to maximizing shareholder value as we proceed with our environmentally-friendly and commercially-viable remediation activities."