CAPE CORAL, Fla., Oct. 11, 2016 /PRNewswire/ -- Tigrent Inc. (Other OTC: TIGE)
On October 4, 2016, the Board of Directors of Tigrent Inc. ( "Tigrent") authorized and approved a distribution to the Company's shareholders of 15,999,838 shares of Common Stock in Legacy Education Alliance, Inc. (OTCQB: LEAI) ("Legacy") owned by Tigrent (the "Distribution"). As a result of the Distribution, Tigrent shareholders will receive shares of Legacy common stock and will become direct owners in Legacy. Tigrent's Board of Directors determined that such a distribution of the Legacy Stock is in the best interests of Tigrent shareholders because it will permit the shareholders to participate in the affairs of Legacy directly and because it is expected to provide greater liquidity with respect to their individual investments.
"We are pleased to be able to provide a path whereby the shareholders of Tigrent can directly express their views in the affairs of Legacy," said Anthony C. Humpage, CEO of Tigrent. "The Legacy stock distribution marks an important milestone for Tigrent and its shareholders that we hope will give our shareholders greater flexibility and control over their individual financial affairs," Mr. Humpage continued.
The record date for determination of shareholders entitled to receive the Distribution was set as October 4, 2016 at 5:00 pm EDT.
Tigrent has been the majority shareholder of Legacy since November 2014 and currently owns approximately 73% of the issued and outstanding common shares of Legacy. The Legacy Stock Distribution will not affect the stock ownership in Tigrent and Tigrent shareholders will continue to be shareholders of Tigrent. Tigrent anticipates that the Distribution will be completed around November 11, 2016. The Distribution will be administered by Legacy's transfer agent, VStock Transfer, LLC, who will issue shares of Legacy stock to Company shareholders of record who are entitled to participate in the Distribution.
Special Note Regarding Forward Looking Statements
This press release includes certain forward-looking statements that are based upon the Tigrent's current expectations and involve a number of risks and uncertainties. Those forward-looking statements include all statements that are not historical statements of fact and those regarding the intent, belief or expectations of Tigrent, including, without limitation, the ability of Tigrent shareholders to realize the benefits of the Stock Distribution. Investors are hereby cautioned that certain factors may affect these forward-looking statements, including but not limited to, factors affecting the market in Legacy securities.
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SOURCE Tigrent Inc.