Patient Access Solutions Important Shareholder Notice A Dividend Inclusion and Disbursement Clarification
Commack, NY, Sept. 16, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Patient Access Solutions, Inc. (OTC PINK: PASO), a provider of technology and management solutions for the healthcare and
financial industries, offers clarification of the dividend disbursement.
It has come to our attention that many shareholders are looking for clarification on how the dividend will work. It is our intent to clarify that now, how and to whom it will be paid, as well as any question regarding the tender offer.
Both these actions involve the new Series C Convertible Preferred Stock. The first is a dividend to allshareholders of recordon September 18, 2020 at the close of the market. For every 5,000 shares of common stock then owned, each shareholder will receive one (1) Series C Convertible Preferred share. It is important to point out that to receive this dividend one must buy the stock no later than today. As a purchase done today settles on Friday the 18th; the shareholder of record date declared. The payment of the dividend will be processed as follows:
DTC, Depository Trust Company, will receive a block of Series C shares from the Transfer Agent so that these Series C shares can be distributed to the brokerage firms that hold the stock on behalf of all shareholders. Each brokerage firm will then automatically distribute the appropriate dividend to each shareholder’s account. Nothing needs to be done by any shareholder to receive the dividend. As there are only about 30% of our issued and outstanding shares deposited in the DTC system, 221,164,905 of the 749,993,098 respectively as of September 11th, many shareholders hold the physical shares, 6,187 shareholders hold the deposited shares. The shareholders holding physical shares need do nothing as well. Our transfer agent will be depositing those dividends directly into those accounts in book entry form right at the agent in each shareholder’s name.
The second item the Company has authorized is the tender offer for all common shareholders of record on the same date, September 18th. For each shareholder wishing to tender, exchange, their common shares for the new Series C Convertible Preferred stock the following covers the procedures. That conversion rate will be one (1) share of the new Preferred for every 250 shares of common owned. The deadline to tender is Friday September 18th. This will be processed as follows: