SMTP Board Approves Increase in Special Dividend
Posted on May 14, 2012 at 08:30 AM EDT
Early Exercise of Warrant Provides Additional $500,000 for Distribution to Shareholders
CAMBRIDGE, MA -- (Marketwire) -- 05/14/12 -- SMTP, Inc. (OTCBB: SMTP), a global email marketing and delivery provider, today announced that Public Financial Services, LLC exercised their outstanding warrant and purchased 800,000 shares of SMTP common stock for $500,000 in cash.
Semyon Dukach, SMTP CEO and Chairman of the Board of Directors, commented, "We are proud they exercised all of their warrants several years before they were due to expire, as we believe it displays a significant vote of confidence in our executive team and our ability to increase sales, profits and dividends."
The SMTP Board of Directors has also recently approved a plan to distribute surplus cash to shareholders through a one-time special cash dividend and on an ongoing basis through cash dividends paid quarterly.
As a result of the additional $500,000 in cash, the SMTP Board of Directors has approved an increase in the recently announced special cash dividend from $1.4 million to approximately $1.9 million. This special dividend will be $0.13 per share.
The special dividend of $0.13 per share and the first quarterly cash dividend of $0.013 per share will be paid on May 31, 2012 to shareholders of record on May 21, 2012.
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