Chadmoore Wireless Group, Inc. Prepares To Make Initial Cash Distribution To Its Shareholders.Business Editors LAS VEGAS--(BUSINESS WIRE)--March 11, 2002 Chadmoore Wireless Group, Inc., a dissolved Colorado corporation-2002 (the "Company"), announced that it is in the process of finalizing, with the assistance of its auditors and tax and litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. counsel, the amount of the reserve required under Colorado law to be set aside to cover creditor claims and tax liabilities. As the Nextel sale became a cash transaction, immediately prior to closing, substantially greater analysis with respect to tax liabilities is required than the Company or its Tax advisors A tax advisor is a financial expert especially trained in tax law. Some countries require tax advisors to verify the balance sheets of companies above a certain size. Individuals usually require tax advisors to minimize taxation, to avoid learning the details of tax law in anticipated when it was believed the transaction would qualify as a tax free exchange. Following this final determination, the Company will commence the initial distribution of cash to the Company's shareholders as of the dissolution date, which is expected to occur within about three weeks. Timely distribution is subject to receipt of confirmation from each shareholder that he or she is not subject to backup tax withholding Withholding Any tax that is taken directly out of an individual's wages or other income before he or she receives the funds. Notes: In other words, these funds are "withheld" from your wages. as required by the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . The Company already has transmitted an inquiry concerning tax status to shareholders of record, in order to promptly make this determination. The Company will make further distributions from time to time as claims are satisfied and the Company adjusts the level of the reserve required for creditors. The total distribution per share is expected to be consistent with the amounts outlined in the Company's proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. filed in connection with its asset sale to Nextel and its Plan of Liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy . The Company filed its Articles of Dissolution on February 22, 2002 and they became effective as of 12:01 a.m. on February 23, 2002. The Company's transfer agent has closed the share transfer records of the Company and will no longer recognize or record any transfers of shares of the Company's common stock. In addition, in conjunction with its dissolution the Company's shares were de-listed from the Over-the-Counter Bulletin Board under the trading symbol Trading symbol See: Ticker symbol , "MOOR Moor Any member of the Muslim population of Spain, of mixed Arab, Spanish, and Berber origins. North African Muslims (called by their Latin name Mauri—i.e., natives of Roman Mauretania) invaded Spain in the 8th century and, under the Umayyad and Almoravid dynasties, ." February 22, 2002 is the record date for all future distributions to shareholders of the Company's common stock. The Company shall be winding up its affairs for the next five years pursuant to the Plan of Liquidation of the Company as approved by its shareholders on January 28, 2002. This press release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as that term is defined in Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements are denoted by such words as "anticipates," "approximately," "about," "expected," and similar words or phrases that refer to anticipated future events. These forward looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward looking statements. In addition, the Company's forward looking statements should be considered in the context of other risks and uncertainties discussed in the Company's SEC filings available for viewing at www.sec.gov. All forward looking statements are based on information available to the Company on the date hereof. The Company is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events |
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