Divides Common Stock into two Classes (A and B). Class A Shareholders receive two additional shares for each share held.
Stuart, Aug. 26, 2013 (GLOBE NEWSWIRE) -- Information Systems Associates (OTCQB: IOSA), an emerging information technology company, is announcing today that it has undergone a restructuring of its capital stock and that it has filed an amendment to its articles of incorporation with the State of Florida. The new structure divides its current Common stock into two new classes, Class A and Class B. The majority of shareholders will hold Class A shares, with the Class B being held by insiders and 10% shareholders. Also, in recognition of the support from its loyal shareholder base, the Board of Directors has granted a two share dividend for every share owned by the Class A shareholders of record on August 29th. Accordingly, a holder of 1,000 shares of Class A shares on August 29, 2013 will receive an additional 2,000 shares for a total of 3,000 shares. The new shares will carry a restrictive legend of 1 year from the record date. The Company has also increased its authorized capital to 500 million Common Shares (Class A and B). Only holders of the Class A Common Stock received the dividend; however, the Class A Common Stock no longer carries any voting rights.
"The Board of Directors of ISA has long recognized that our shareholders have continued to be loyal supporters of the Company during the past 2 ½ years. The Board took the decision that in concert with our growth plans over the next 2 years, they wanted to reward the shareholders with a significant dividend," said Adrian Goldfarb, ISA's President and Chief Operating Officer. Mr. Goldfarb also commented that the Company recently restructured the compensation for management with reduced salaries which will be offset by variable compensation based on profits. "Because management and affiliates will not participate in the dividend, we believe that our interests are aligned to deliver shareholder value in the form of a growing business with strong fundamentals," he went on to say.
The Company will now focus on its growth plans including new software offerings in the Data Center Asset Management (DCAM) market space and growing its professional services and consulting businesses.
About Information Systems Associates
Information Systems Associates, Inc. (OTCQB:IOSA) based in Stuart, FL, is a leading provider of Mobile Data Center Management systems and turnkey data center management solutions. The suite of products and services include data center asset/inventory management, data center management software and data center data collection. Utilizing a proprietary and patented technology, OSPI (On Site Physical Inventory), customers manage data centers on a mobile basis, bringing data center management out of the office and into the data center. Information Systems Associates holds the trademarks for On Site Physical Inventory, OSPI and Mobile Data Center Management.
For more information visit our website http://www.isa-inc.net
Source: Information Systems Associates
CONTACT: Stephen Hart Hayden IR 917.658.7878 firstname.lastname@example.org
Released August 26, 2013