Epolin, Inc. Announces Special Cash Dividend of $0.12 per Share
April 14 2011 - 1:26PM
Marketwired
EPOLIN, INC. (the "Company") (OTCBB: EPLN) (www.epolin.com) today
announced that its Board of Directors has declared a special cash
dividend of $0.12 per share to be payable on May 12, 2011 to
shareholders of record at the close of business on April 28, 2011.
The aggregate amount of payment to be made in connection with the
special cash dividend will be approximately $1.5 million and will
be paid from cash on hand.
The Company noted that in April 2006 the Board adopted a
dividend policy under which the Company would issue a regular
annual cash dividend along with a special cash dividend from time
to time as well. From May 2006 through August 2008, the Company did
pay an aggregate of five cash dividends of $0.02 per share each and
one cash dividend of $0.04 per share, but has not paid any cash
dividends since primarily due to the Company's decision to seek
strategic alternatives.
"The decision to pay and the magnitude of this special dividend
reflects the Board's belief that the Company's current liquidity
position exceeds the immediate and projected needs of the business
combined with the fact that we have not paid a dividend since
2008," commented Murray S. Cohen, Ph.D., Chairman of the Board. He
added, "While we cannot provide any guidance with respect to when
another cash dividend, annual or otherwise, may be paid, our Board
remains committed to create value for our shareholders and
determined that the payment of this special dividend was the best
way to benefit our shareholders as we continue to explore strategic
alternatives, including the potential sale of the Company."
About Epolin
Epolin, Inc. is a specialized chemical company primarily engaged
in the manufacturing, marketing, research and development of
infrared dyes, laser absorbing dyes and infrared dye formulations.
The Company's business is heavily weighted towards the development,
manufacture and sale of near infrared dyes. Applications for these
dyes cover several markets that include laser protection, welding,
sunglasses, optical filters, glazing and imaging and security inks
and tagants. The Company also manufactures specialty chemicals for
certain chemical manufacturers.
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature. Such forward-looking
statements reflect the Company's expectations about its future
operating results, performance and opportunities that involve
substantial risks and uncertainties. When used herein, the words
"anticipate", "believe", "estimate", "plan", "intend" and "expect"
and similar expressions, as they relate to Epolin, Inc., or its
management, are intended to identify such forward-looking
statements. These forward-looking statements are based on
information currently available to the Company and are subject to a
number of risks, uncertainties, and other factors that could cause
the Company's actual results, performance, prospects, and
opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, such factors discussed in reports and documents filed
from time to time by the Company with the Securities and Exchange
Commission. Except as required by the Federal Securities law, the
Company does not undertake any obligation to release publicly any
revisions to any forward-looking statements to reflect events or
circumstances after the date hereof or for any other reason.
For more detailed information, please contact: Murray S. Cohen
Chairman of the Board James Ivchenko President Greg Amato Chief
Executive Officer (973) 465-9495 EPOLIN, INC. 358-364 Adams
Street Newark, New Jersey 07105