MONMOUTH, Maine, Nov. 27, 2012 /PRNewswire/ -- Community Service Communications, Inc. ("Community") (OTC: "CMYS") announced today that the Board of Directors of the Company declared a $0.50 per share distribution payable on December 13, 2012 for its shareholders of record on December 3, 2012.
It is expected that future distributions, if any, will decline significantly, as the only remaining asset other than some cash, is the Company's expected distribution of its portion of Patronage Stock held by the Company's former cooperative lender.
This distribution is in accordance with the shareholder approved Plan of Complete Liquidation and Dissolutions (the "Plan") on June 15, 2004. The Plan requires the management to wind-up its business affairs and distribute from time to time the available liquid proceeds to its shareholders.
Community has approximately 632,452 share of Common Stock, held by approximately 296 shareholders of record.
Community is a Maine-based telecommunications company formed in 1898. Following the sales of its main operating company in 2003, as well as its 50% interest in a Maine based paging company in 2010, Community has few remaining investments.
Community Service Communications, Inc.
PO Box 30
Monmouth, ME 04259
SOURCE Community Service Communications, Inc.