Community Service Communications, Inc. Announces Distribution for Fiscal Year 2010
MONMOUTH, Maine, Nov. 29, 2010 /PRNewswire-FirstCall/ -- Community Services Communications, Inc. ("Community") (Pink Sheets: CMYS) announced today that the Board of Directors of the Company declared a $2.25 per share distribution payable on December 16, 2010 for its shareholders of record on December 6, 2010.
A significant portion of the 2010 distribution relates to cash proceeds generated from the Community's sale of its 50% interest in a Maine based paging company. Following this distribution, there are few remaining assets, namely, some remaining cash until all 2010 tax liabilities are settled, final closure of the fore mentioned sale, and final distribution of Community's as well as the Maine based paging company's interest in CoBank patronage stock, expected to be complete by 2017.
It is expected that future distributions, if any, will decline significantly.
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 shares of Common Stock, held by approximately 296 shareholders of record.
About Community:
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 assets/investments.
CONTACT: |
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William Ralph |
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Community Service Communications, Inc. |
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PO Box 30 |
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Monmouth, ME 04259 |
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207-766-1750 |
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FAX: 207-377-4444 |
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Email: [email protected] |
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SOURCE Community Service Communications, Inc.
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