Glas-Aire Corrects and Replaces Announcement
21 April 1999
Glas-Aire Corrects and Replaces Announcement Regarding Directors Vote to Rescind Cash Dividend
VANCOUVER, British Columbia--April 21, 1999--The board of directors of Glas-Aire Industries Group Ltd. , a leading designer, developer, manufacturer and marketer of original equipment automotive wind deflector accessories to automobile manufacturers worldwide, has voted to rescind a previously announced 25-cent cash dividend for each share of common stock.
The Board, responding to a significant negative response from shareholders to the payment of a dividend, believes that it is in the best interest of the shareholders to rescind the dividend previously announced, and to redirect the funds that would otherwise have been distributed to the purchase of assets and equipment that will assist with the growth of the Company. The Board believes that funding growth of the Company both internally and through acquisition will optimize shareholder value. The Board will submit the rescission of the dividend to a vote of the shareholders at the 1999 annual shareholders' meeting that is expected to be held in the near future. This decision will provide shareholders with the opportunity to advise management of their wishes with respect to the deployment of the Company's liquid assets.
For more information on Glas-Aire Industries Group Ltd., look up the company's web site at www.glasaire.com or contact Linda Smith at (303) 292-9419.