EPIC Shareholders, Receive a Yield up to 18.668% Annually and Convert for More Common Shares Than Exchanged for Preferred Stock
19 Giugno 2014 - 7:52PM
Marketwired
EPIC Shareholders, Receive a Yield up to 18.668% Annually and
Convert for More Common Shares Than Exchanged for Preferred Stock
AUSTIN, TX--(Marketwired - Jun 19, 2014) - EPIC Corporate
(PINKSHEETS: EPOR) ("EPIC") and Ronald S. Tucker, EPIC's president,
announced that "EPIC Shareholders, by exchanging their common stock
for convertible preferred stock can receive a yield of up to
18.668% per annum in cash or stock dividends in EPIC common stock.
The yield can be increased with the sale of common stock received
as a stock dividend. In addition, the preferred stock can be
converted into more shares of common stock than the common shares
given for the preferred."
EPIC has extended the cutoff date for exchanging 1.5 shares of
common stock for 1 share of EPIC $1 face value Series A 5%
Convertible Preferred Stock ("Preferred Stock") to July 15, 2014.
Shareholders holding EPIC common stock in street name may elect to
make the exchange through their broker/dealer on or before July 15,
2014. The Preferred Stock will be held by their broker/dealers in
street name and will be trade-able. A single shareholder can
exchange no more than 300,000. Any fractional preferred share will
be considered a whole share. The Preferred Stock will be delivered
on or before July 25, 2014, and it will have a lock-up provision
preventing conversion back to common stock for a period of 90 days
from July 15, 2014.
A Brief Description of the Preferred Stock follows:
Dividend
The number of shares declared in a stock dividend shall be equal
to the 5% dividend rate on $1 per share divided by a 25% discount
from the value weighted average price ("VWAP") per share for the 10
trading days before the Declaration Date.
Liquidation Preference
In the event of any liquidation, dissolution or winding up of
the affairs of the Corporation, whether voluntary or involuntary
the holders of shares of the Preferred Stock shall be entitled to
receive, out of the assets of the Corporation, whether such assets
are capital or surplus and whether or not any dividends as such are
declared, $3.00 per share plus an amount equal to all accrued and
unpaid dividends thereon to the date fixed for distribution.
Conversion
Each share of Preferred Stock shall be convertible, at the
option of the holder, at any time after ninety days from the date
of issuance of the Series A 5% Convertible Preferred Stock into
authorized but previously unissued shares of Common Stock, at a
conversion price equal to a sixty-five (65%) percent discount from
the VWAP for the 10 trading days ("Conversion Price1") prior to the
date of the written notice of conversion which must be within 5
days of the date received by the Corporation. However, the
Conversion Price can be no lower than $0.30 per share and no more
than $1.00 per share.
Redemption
Shares of the Preferred Stock will be redeemable, at the option
of the Corporation, in its sole and absolute discretion, on or
after 5 years from the date of issuance for cash at a redemption
price of $10.00 per share, plus any accumulated, accrued and unpaid
dividends.
Visit www.epiccor.com for corporate information and
http://www.otcmarkets.com/stock/EPOR/quote for investor and
financial information.
CONTACT: Gregory Stachacz Director of IR Email: Email Contact
Telephone: 904-282-3093
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