Siti-Sites.com, Inc. Announces Liquidating Dividend Installment of $225,005
24 November 2009 - 12:52AM
PR Newswire (US)
NEW YORK, Nov. 23 /PRNewswire-FirstCall/ -- This liquidating
dividend amounts to $.0075 per share (3/4ths of 1 cent per share)
to former Shareholders of record as of December 20, 2006. The
installment is payable on or about November 24, 2009. The $.0075
per share divided among former holders of 30,000,143 shares shall
be rounded upward or downward to the nearest whole cent, per number
of shares of record held by each stockholder (e.g. .01 to .49 of a
cent rounds downward to 0, and .5 to .99 of a cent rounds upward to
one cent in the distribution). Siti-Sites.com, Inc. (CUSIP 829981)
now in liquidation, previously Pink Sheets: SITN.PK, was formerly
named Spectrum Information Technologies, Inc. and was called "Siti"
in its various SEC reports 1999 through 2006. Cessation of trading
and December 20, 2006 as the Record Date for Future Liquidating
Dividend installments, was established in Siti's Plan of
Liquidation that became effective by a stockholder vote in 2006.
The latest installment is based upon net receipts from its property
interest through a Settlement Agreement, in defined Gross Proceeds,
from its formerly owned portfolio of wireless communications
patents and related intellectual property (IP). Since March 2006
through November 3, 2009, net patent/IP payments to Siti, after 1/3
litigation fees owed to outside counsel, and other litigation costs
owed, yielded Siti a net available of about $4,500,000 for its 1st
dividend installment ($.15 per share). A net of $ 414,000 in
calendar 2008-2009 plus funds on hand, led Siti to pay a 2008
dividend of $360,339 (its 2nd installment, $.012 per share), and to
pay the above announced, $225,000 for Siti's 2009 dividend (3rd
installment, $.0075 per share). Distribution costs of this third
dividend are $9,300. Siti terminated other ongoing expenses after
2006, except for accounting, tax and legal matters requiring
professional services, for which it keeps a reserve. After paying
the 2009 dividend, Siti will have $135,000 on hand. The corporation
has remained in continuing existence after 2006 solely for purposes
of collecting on its contractual share of all Gross Proceeds
derivable from its former patents/IP. The statutory period has
recently been extended by Siti, with court approval, through 2014,
and is subject to further extension as required. No obligations are
presently known to exist which have not been paid or provided for
by Siti. The procedure for dissolution and winding-up is embodied
in the Delaware General Corporation Law, and was explained in the
2006 proxy statement for Siti's liquidation, now continuing for the
primary benefit of former shareholders. Other details of the
liquidation are in such proxy statement, including tax treatment of
liquidating distributions, as of October 20, 2006, and still
available on the internet as an SEC document filed by Siti.
DATASOURCE: Siti-Sites.com, Inc. CONTACT: Toni Ann Tantillo of
Siti-Sites.com, Inc, +1-914-779-7155, ; Web Site:
http://www.siti-sites.com/
Copyright