TORONTO, Feb. 21, 2017 /CNW/ - The Board of Directors
of Pivot Technology Solutions, Inc. (TSX: PTG), a full-service
information technology provider, today approved a quarterly
dividend payment of $0.04 per common
share, payable on March 15, 2017 to
shareholders of record at the close of business on March 3, 2017.
In December, 2016, the Company consolidated its common shares on
a four-for-one basis after graduating to the Toronto Stock
Exchange. The dividend rate therefore became $0.04 per common share compared to the pre-share
consolidation amount of $0.01 per
share. In aggregate, the dividend amount is unchanged.
"Pivot initiated its quarterly dividend policy in the summer of
2015 as a key component of our shareholder value creation
strategy," said Kevin Shank,
President and Chief Executive Officer. "At the current rate, our
dividend represents a yield of over 9%, which we believe is
attractive for our shareholders and sustainable in the context of
our cash flow and our growth plan."
The Company intends to continue to pay at the established rate
of $0.04 per share, per quarter,
going forward.
About Pivot Technology Solutions
Pivot is a leading
information technology infrastructure and services provider to
approximately 2,000 customers, including many members of the
Fortune 500. With offices throughout North America, Pivot uses its knowledge and
local presence to help corporations, governments and educational
institutions design, build, implement and maintain advanced
computing and communication infrastructure. For more information,
visit www.pivotts.com.
Forward Looking Statements
This news release
contains statements that, to the extent they are not recitations of
historical fact, may constitute "forward-looking statements" within
the meaning of applicable Canadian securities laws. Forward-looking
statements include statements regarding future dividends and
Pivot's growth plan. Pivot uses words such as "may", "would",
"could", "will", "likely", "expect", "believe", "intend",
"anticipate" and similar expressions to identify forward-looking
statements. Any such forward-looking statements are based on
assumptions and analyses made by Pivot in light of its experience
and its perception of historical trends, current conditions and
expected future developments, including that the general business
climate will not deteriorate, and that Pivot will continue to be
able to pay quarterly dividends, as well as other factors Pivot
believes are appropriate under the relevant circumstances. However,
whether actual results and developments will conform to Pivot's
expectations and predictions is subject to any number of risks,
assumptions and uncertainties. Many factors could cause
Pivot's actual results to differ materially from those expressed or
implied by the forward-looking statements contained in this news
release. These factors include, without limitation: Pivot's
expected cash flows and its need for capital to fund operations and
to fund and pursue growth opportunities. The "forward-looking
statements" contained herein speak only as of the date of this news
release and, unless required by applicable law, the Company
undertakes no obligation to publicly update or revise such
information, whether as a result of new information, future events
or otherwise.
SOURCE Pivot Technology Solutions, Inc