PHILADELPHIA, Dec. 13, 2010 /PRNewswire-FirstCall/ -- Innovative Clinical Solutions, Ltd. (Pink Sheets: ICSN) has announced that, in accordance with its plan of liquidation approved by its shareholders on September 22, 2007, its sole Director has approved a second and final liquidating cash distribution (the "Final Liquidating Distribution") in the amount of $0.039251 per share of its outstanding common stock. The Final Liquidating Distribution will have a record date of December 9, 2010, a payment date of December 16, 2010, and an ex-dividend date of December 17, 2010. The stock transfer books of the Company will be closed as of December 16, 2010. The Company will make no further distributions beyond the Final Liquidating Distribution. There is no requirement for stockholders to surrender shares in connection with the Final Liquidating Distribution.
An "ex-dividend date" is the date on which a security is traded without a previously declared dividend or distribution. The timing of the Company's ex-dividend date is determined in accordance with the FINRA rule applicable to such distributions, because the amount of the distribution exceeds 25% of the Company's share value. Between the record date of December 9, 2010, and the ex-dividend date of December 17, 2010, the stock will trade with due bills reflecting the seller's obligation to transfer the distribution to the buyer. The due bill redeemable date is December 21, 2010.
Upon payment of the Final Liquidating Distribution, the Company will have made liquidating distributions (including the first partial liquidating cash distribution made on June 30, 2008, and the Final Liquidating Distribution) in the aggregate amount of $2,990,755, or $0.249251 per share of the Company's common stock.
This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements regarding the timing and amounts available for distributions to holders of the Company's common stock. Such statements reflect the Company's current expectations with respect to future events and are based on its current assumptions and information currently available. Actual results may differ materially. There can be no assurance that the Company's expectations will be achieved. These forward looking statements are neither promises nor guarantees. The Company undertakes no responsibility to revise or update and such forward-looking statements.
SOURCE Innovative Clinical Solutions, Ltd.