CHICAGO, May 10, 2019 /PRNewswire/ --
This is our seventh (7th) letter to shareholders, and our second since we took control of the Productivity Technologies Corp. (PTC) (OTC: PRAC) board of directors.
Recently, PTC entered into a sale/leaseback of the factory of its operating subsidiary. Consequently, we announce today a one-time special dividend of $0.38 (thirty-eight cents) per share to PTC shareholders of record as of April 29, 2019.
With the real estate transaction, we have the option to operate from our current location for up to three years. We believe this provides ample time to analyze and consider the best plan for future operations.
Consistent with prior letters to shareholders, we continue to intensively analyze the most promising and optimum ways to provide returns to shareholders. This includes the potential to enter into and increase contractual arrangements with certain reputable companies which participate in designing, producing and installing metal forming automation equipment complementary to systems produced by PTC.
Without limiting our options, our current activities and discussions include the possibility for strategically positioned companies to license, build, and install new and legacy PTC metal forming automation equipment designs.
Two members of the new board of directors of PTC worked intensively from 2012 to 2015 with PTC's operating subsidiary to upgrade the product lines. We believe these upgrades, including equipment and features below, are assisting discussions regarding potential licensees to produce certain of our custom equipment.
- Dual aluminum steel capacity stack/destack automation equipment
- Lighter duty and more affordable flex transfer automation equipment
- Mist-less oiler/washer upgrades to current oiler/washer product lines
- Trackless heavy duty die carts
With the change in control of PTC, we believe the current board of directors account for a majority of PTC's outstanding shares. For the benefit of all shareholders, we will continue to seek one or a series of future positive cash flow and liquidity events for PTC shareholders.
The above may include predictions that might be considered forward-looking. While statements represent our current judgments regarding the future, these are subject to risks and actual future results could differ materially. You are cautioned to not unduly rely on forward-looking statements, which reflect our opinions only as of today's date. While we will try to do so, we are not obligating ourselves to revise or publicly release revisions to forward-looking statements upon new information or future events.
SOURCE Jesse Levine