Sterling Consolidated Declares Cryptodividend - Simultaneously Files Reg A
February 21 2018 - 9:00AM
ADVFN Crypto NewsWire
Company unveils "DiMO", its own cryptocurrency, to be
used on the forthcoming Decentralized International Marketplace for
O-Rings
Neptune, NJ -- February 21, 2018 -- ADVFN Crypto NewsWire
-- Sterling Consolidated Corp. (STCC) (The Company), a leading supplier
of hydraulic and pneumatic seals to the automotive and industrial
marketplace, today declared a cryptodividend for a U.S. public
company. Each common shareholder of record as of October
26, 2018will receive 950 DiMO tokens, the Company's internally
developed and proprietary cryptocurrency, with a payment date
of December 14, 2018. The Company has also filed a Form
1-A with SEC to qualify a Reg A offering with a maximum raise
of $50 million.
"The idea of a cryptodividend was developed by our CFO, Scott
Chichester," said Sterling CEO Darren DeRosa. "We looked
at what was happening in the ICO space and we wanted to distribute
our token in a better way. In a typical ICO or direct token
offering the purchaser buys the cryptocurrency but does not
generally get any equity and does not participate in the growth of
the Company. In our model, we distribute the cryptocurrency
only to existing shareholders as a dividend for which no
consideration is paid."
Smart contract
Sterling has continued its successful partnership with expert
Blockchain tech agency, BlockchainDriven, which has developed and
deployed the DiMO token on the Rinkeby testnet. DiMO is an
ERC20 compliant token on the Ethereum protocol.
"The development of our own cryptocurrency was a key part of our
strategic plan," said CFO, Scott Chichester. We continue to
execute on our goal to bring the exciting technology of the
Blockchain and smart contracts to the o-ring industry."
To view our current Reg A filing which is pending regulatory
review at the SEC, go to:
https://www.sec.gov/cgi-bin/browse-edgar?company=sterling+consolidated&owner=exclude&action=getcompany
To sign-up for updates about our Reg A filing go to:
http://www.sterlingconsolidated.com/rega.php
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned
subsidiary, Sterling Seal and Supply has been a leading
supplier of hydraulic and pneumatic seals to the automotive and
industrial marketplace for more than 40 years.
Forward-looking Statements
This release contains statements that constitute forward-looking
statements. These statements appear in a number of places in this
release and include all statements that are not statements of
historical fact regarding the intent, belief or current
expectations of the Company, its directors or its officers with
respect to, among other things: (i) the Company's financing plans;
(ii) trends affecting the Company's financial condition or results
of operations; (iii) the Company's growth strategy and operating
strategy; and (iv) the declaration and payment of dividends. The
words "may" "would," "will," "expect," "estimate," "anticipate,"
"believe," "intend," and similar expressions and variations thereof
are intended to identify forward-looking statements. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and
uncertainties, many of which are beyond the Company's ability to
control, and that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors.
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