Printer Friendly
The Free Library
14,634,461 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Citadel Technology Announces Dividend for Internet Spin-Off Inlighten.com.


DALLAS--(BUSINESS WIRE)--March 24, 1999--Citadel Technology, Inc. (OTCBB OTCBB

See OTC Bulletin Board (OTCBB).
: CITN), a provider of network and desktop security software products and majority owner of Inlighten.com, an Internet and e-commerce solutions company, announced today that the previously announced stock dividend of 750,000 shares of Inlighten.com common stock will be paid to Citadel shareholders of record as of March 18, 1999 (ex-date March 15, 1999).

Citadel will pay the dividend following compliance with the SEC registration process and distribution of an information statement to Citadel stockholders. Following the distribution, Citadel will retain ownership or 4,250,000 shares of common stock in the Internet spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders.  subsidiary.

Steven B. Solomon, Citadel President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  said, "This dividend is another high point in Citadel's history. We are pleased that our shareholders continue to support our growth and that we are able to reward that support with the dividend in our new Internet See Web 2.0 and Internet2.  subsidiary Inlighten.com. We plan to make a public offering of Inlighten.com securities under the Securities Act. This offering will be made only by means of a prospectus following compliance with the SEC review process. We intend to register the dividend shares simultaneously with the planned IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. , and these shares will become registered upon the effectiveness of the IPO."

Solomon continued, "Our vision is to continue to build Citadel Technology as a leading provider of network and desktop security software products, while we develop Inlighten.com into a community that is a leading provider of Internet and e-commerce solutions, specifically designed to maximize the e-commerce potential of the Internet in the year 2000 and beyond. Our mission remains: Become a leader in our fields and reward our loyal shareholder base with a solid company. With our recent acquisition of 2-Lane Media and our letter of intent with the Forward Companies, as well as our back-office Internet architecture and engineering team, we are committed to building a premier Internet community to provide e-commerce solutions.

Citadel Technology Inc. is a developer and marketer of computer software products including security and management utilities for networks and personal computers. The Company's products are designed to secure and manage personal computers (PCs) and local area networks (LANs) and enable network administrators to more efficiently manage the networks. Company products are designed to reduce client costs, improve accuracy of clients' information, maintain the operation of the network, secure the network from fraud or unauthorized use, and generally enable the administrator to devote more time to improving service to the network rather than focusing on operational details. Recently Citadel announced plans for an Internet spin-off company, Inlighten.com, which will seek to become the leading site for on-line software training, "How To" information, as well as an e-commerce outlet mall An outlet mall (or outlet centre) is a type of shopping mall, in which manufacturers sell their products directly to the public through their own branded stores. Clothing, sporting goods, electrical products, cosmetics, and toys are among the types of items sold at outlet .

For more information on Citadel Technology products, visit the Company's homepage at http:// www.citadel.com. For information on purchasing products, contact the Company directly by writing or calling: Citadel Technology, 3811 Turtle Creek Turtle Creek may refer to: Streams
  • Turtle Creek (Dallas County, Texas), a tributary of the Trinity River
  • Turtle Creek (Kerr County, Texas), a tributary of the Guadalupe River
  • Turtle Creek (Matagorda County, Texas)
 Blvd., Ste. 600, Dallas, TX 75219; phone 214.520.9292, fax 214.520.9293. For media or investor relations Investor relations

The process by which the corporation communicates with its investors.
 contact: The Investor Relations Group at 212.664.8489.

The above statements are not strictly historical facts and include 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.
 that involve a number of risks and uncertainties. The actual results of the future events described in such forward-looking statements could differ materially as a result of, among other things, the following: timing and delays related to distribution of an information statement based on the SEC review process, no assurances of an initial public offering based on market conditions and suitable underwriters, no guarantee of a NASDAQ NASDAQ
 in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on
 listing approval, implementation of internet strategies, integration of technology, the availability of capital on terms acceptable to the Company, general economic conditions, competition, the market for the network software products, software development costs and possible future 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.
, as well as the risks and uncertainties discussed in the Company's public reports and filings and public statements.
COPYRIGHT 1999 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Geographic Code:1USA
Date:Mar 24, 1999
Words:650
Previous Article:Fortis Enters New York Market with Long Term Care Insurance.
Next Article:SAS Institute Releases HR Vision Software.
Topics:



Related Articles
Spinoff to permit employee stock purchases.(case study)
ZIFF-DAVIS TO SET UP HOLDING COMPANY FOR ZD EVENTS.(Brief Article)(Statistical Data Included)
COMPANY SPINS OFF SUCCESSFUL DIVISIONS.(Business)
NEW TABLE LISTINGS ABOUND; NAME, TRADING SYMBOL CHANGES REFLECT CORPORATE ALTERATIONS.(Business)
SABRE INC. SPINOFF ANNOUNCED.(Business)
FROM HERE TO INFINITY; INVESTORS FLOCK TO BUY BROADCAST STOCK.(Business)
PEPSICO PLANS STOCK SPINOFF.(BUSINESS)
PEPSICO SALE MAY BREATHE FIRE INTO NEW EPISODE OF COLA WARS.(Business)
A chip off the old block: Equity analysts say hard market spurs property/casualty spinoffs. (Briefing).(Brief Article)(Statistical Data Included)
Disney's radio spinoff deal dominated acquisition scene.(BANKING AND FINANCE QUARTERLY M&A REPORT)(Citadel Broadcasting Co.)(Walt Disney Co.)

Terms of use | Copyright © 2009 Farlex, Inc. | Feedback | For webmasters | Submit articles