Printer Friendly

ENTERTAINMENT CORPORATION OF AMERICA DECLARES PROPERTY DIVIDEND ON SHARES OF COMMON STOCK

 ATLANTA, June 30 /PRNewswire/ -- Entertainment Corporation of America ("ECA"), an Atlanta-based operator of adult entertainment facilities under the name The Gold Club(R), announced today that its board of directors had declared a property dividend on its shares of common stock to shareholders of record on May 1, 1993. The dividend is to be in the form of 300,000 shares of common stock of K.L.S. Gold Mining Company ("K.L.S."), a Nevada corporation engaged in exploration drilling for precious metals, design and manufacture of drill rigs, hydraulic systems design and repair and environmental remediation. Shareholders of ECA will receive .0610687 of a share of K.L.S. common stock for each share of ECA common stock owned, or approximately one share of K.L.S. common stock for each 17 shares of ECA held. The common stock of K.L.S. has a book value of approximately $.335 per share.
 ECA's board of directors determined to acquire 350,000 shares of K.L.S. common stock as it perceived a potential for added value to the ownership of ECA common stock through the dividend distribution of K.L.S. common stock. ECA's management anticipates that its shareholders will benefit from the dividend distribution, though there is no assurance that such will be the case. There currently is no market for the common stock of K.L.S. ECA will retain 50,000 shares of K.L.S. common stock as an investment.
 The common stock of K.L.S. is to be distributed to ECA's shareholders pursuant to a registration statement on Form S-1, which is expected to be declared effective by the Securities and Exchange Commission in the near future.
 It is possible that ECA will enter into a similar arrangement with other privately-held companies desiring to become publicly owned through dividend distribution to ECA's shareholders.
 -0- 6/30/93
 /CONTACT: John Kirkendoll, president of Entertainment Corporation of America, 303-728-5976/


CO: Entertainment Corporation of America ST: Georgia IN: SU: DIV

SM -- NY053 -- 7196 06/30/93 13:13 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 30, 1993
Words:344
Previous Article:MOTOROLA OPENS NEW EQUIPMENT CENTER TO SERVE GROWING CHINA MARKET
Next Article:MOTOROLA EXPANDS ORGANIZATION TO INCREASE FOCUS ON INTERNATIONAL MARKETS
Topics:


Related Articles
Devon Energy Corporation Announces Cash Dividends for Common and Preferred Shareholders.
Devon Energy Corporation Announces Cash Dividends for Common and Preferred Shareholders.
Devon Energy Corporation Announces Cash Dividends for Common and Preferred Shareholders.
Devon Energy Corporation Announces Cash Dividends for Common and Preferred Shareholders.
Devon Energy Corporation Announces Cash Dividends for Common and Preferred Shareholders.
Agree Realty Corporation Declares Quarterly Cash Dividend.
Agree Realty Corporation Declares Quarterly Cash Dividend.
Agree Realty Corporation Declares Quarterly Cash Dividend.
Agree Realty Corporation Increases Quarterly Cash Dividend.
Agree Realty Corporation Increases Quarterly Cash Dividend By 4.35%.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters