Glas Aire Industries Quarterly Stock Dividend Details & Changes
15 November 1999
Glas Aire Industries Quarterly Stock Dividend Details & Changes
VANCOUVER, B.C.--Nov. 11, 1999--Glas Aire Industries Group Ltd. , today announced details regarding its recently approved tax free regular 2.5% quarterly stock dividend to its shareholders of record.Glas Aire declared a 2.5% quarterly stock dividend beginning with the current fourth quarter, or fiscal three months ending January 31, 2000. The current quarter dividend will apply to all holders of record as of Friday, December 10th, 1999, not, as previously announced, December 5th, 1999- which is a Sunday. The payment date for this first quarterly stock dividend will be Friday, January 14th, 2000. Finally, because the dividend is computed each quarter, the cumulative annual dividend is actually paid at a compounded rate of approximately 10.38%.
Glas Aire, with annual revenues of approximately $10 million, designs and makes sunroof wind deflectors, hood deflectors, rear-air deflectors and door visors for cars, light trucks and vans. The company is based in Vancouver, British Columbia and also has a distribution center in Bellingham, Washington.
Founded in the early 1980's as a family business engaged in acrylic-based product development and manufacture, Glas Aire became affiliated in August 1999 with Regency Affiliates Inc. (OTC BB: RAFF). In addition to the auto accessories market, Stuart, Florida based Regency, has holdings in the residential and commercial furnishings market, commercial real estate and natural resources.
This press release includes forward-looking statements as defined in the private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties which may cause actual results to vary significantly. These risks include (but are not limited to) those related to: dependence on component suppliers to keep up with rising industry demand and the Company's growing supply requirements on a timely basis; timely product upgrades and the ability to manage growth and ramp-up production effectively as needed; continuing product demand; the impact of competitive products and pricing on the Company's and its customers' products and markets; development and growth of anticipated markets for the Company's and its customers' products; changing economic and other risk factors detailed in the Company's most recent annual report, its prospectuses and other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the Information in this release.
This release, and prior releases, are available on the KCSA Public Relations Website at www.kcsa.com.