Global-Tech Advanced Innovations Announces Special Dividend
August 13 2012 - 8:00AM
Business Wire
Global-Tech Advanced Innovations Inc. (NASDAQ: GAI) today
announced that the Company’s Board of Directors has approved a
special cash dividend of $1.00 per share payable on September 5,
2012 to shareholders of record at the close of business on August
22, 2012.
“As previously reported, our business has recognized steady
improvements, with a return to profitability in fiscal 2012. We
have successfully completed our exit from the home appliance
business, which has provided significant relief to the Company’s
working capital requirements and presented us with the opportunity
to return capital to our shareholders while still maintaining ample
resources to support foreseeable growth. We believe that this
special dividend is an appropriate way to reward shareholders for
their continued support,” said John C.K. Sham, the Company’s
President and Chief Executive Officer.
Mr. Sham continued, “We are excited about the future growth
potential of our CCM and EMS business segments and expect
significant increases in sales in both segments in fiscal 2013. Our
exit from the home appliance business was a major stride forward in
our transition to a high-technology focused company.”
Mr. Sham concluded, “As we continually assess our current
capital structure and how to best deploy our capital, the Company’s
board of directors may consider the declaration of additional cash
dividends and/or the establishment of a regular dividend. However,
the declaration of future dividends will depend upon the Company’s
financial position, strategic plans and general business conditions
at that time.”
We encourage shareholders to contact their brokers and tax
advisors in order to understand the Nasdaq Rules and Regulations as
well as relevant tax implications regarding the effect of selling
shares of our common stock following the record date on their
eligibility to receive the dividend.
Global-Tech Advanced Innovations Inc. is a holding company,
owning subsidiaries that manufacture and market a diversified
portfolio of products, such as complementary metal oxide
semiconductor (CMOS) and camera modules (CCMs). The primary focus
of its subsidiaries is to develop and market high-quality products
for the communications industry in China and export such products
to markets in North America, Europe, and other countries throughout
the world.
Except for historical information, certain statements contained
herein are forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," “should,” "estimates," or variations
of such words and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are
subject to risks and uncertainties, including but not limited to,
the impact of competitive products and pricing, demand for new and
existing products in our core business, the financial condition of
the Company’s customers, product demand and market acceptance
especially of our new products, the success of new product
development especially in the area of cellular phone components and
solutions, compact camera modules and other pending projects,
reliance on material customers, suppliers and key strategic
alliances, the terms and conditions of customer contracts and
purchase orders, availability and cost of raw materials, the timely
and proper execution of certain business plans, including the plan
to diversify and transform a portion of manufacturing capacity to
higher-value, technology-oriented products, currency fluctuations,
including the revaluation of the Chinese Renminbi, the imposition
by China’s trading partners of economic sanctions and/or protective
tariffs on Chinese manufactured goods, uncertainties associated
with investments, the regulatory environment, fluctuations in
operating results, the impact of changing global, political and
economic conditions and other risks detailed from time to time in
the Company's filings with the U.S. Securities and Exchange
Commission including its most recent Report on Form 20-F. The
Company does not undertake to update its forward-looking
information, or any other information contained or referenced in
this press release to reflect future events or circumstances.
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