FACT Corporation Sets Record Date for Spin-off of Wholly-owned Subsidiary, FACT Products Inc.NEPTUNE Neptune, in Roman religion and mythology Neptune, in Roman religion and mythology, god of water. He was presumably an indigenous god of fertility, but in later times he was identified with the Greek Poseidon, god of the sea. , N.J. -- FACT Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCTOA), an independent nutrition solutions company, has established January 10, 2007 as the record date for the already announced 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. of its wholly-owned subsidiary, FACT Products Inc. Shareholders holding shares of FACT Corporation as of January 10, 2007 will receive dividend shares of FACT Products Inc. on the basis of 1 share for every 5 shares of FACT Corporation. "Revisiting our 2004 corporate mandate to monetize all of our non-core assets, the Company has determined to spin-off FACT Products Inc. in early 2007," said Jacqueline Danforth, FACT Corporation 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. . "Since electing to discontinue distribution of a line of shelf-stable whipped toppings Whipped topping is a non dairy product made to resemble the taste, texture, and look of whipped cream. Whipped Topping normally contains some mixture of partially hydrogenated oil, sweeteners, and other ingredients. in early 2005, FACT Products has remained dormant. The Company has determined that a spin-off is the best way to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. our investment in FACT Products." About FACT Corporation FACT Corporation develops, licenses and markets proprietary nutrition solutions to commercial customers through its wholly-owned subsidiary, Food & Culinary Technology Group Inc. ("FACT Group"). Fact Group serves clients who manufacture and distribute baked goods (such as muffins, bagels, cookies and brownies) designed for a rapidly-growing consumer marketplace focused on quality, taste and nutrition. These products are marketed via both conventional and alternative distribution channels, including branded and private-label retail opportunities, as well as foodservice and specialty markets. For more information about FACT and its products, industry trends and functional foods, please visit www.factfoods.com. |
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