May 02, 2007 08:07 ET

Flagship Industries Announces Dividend and Record Date for Share Split

MARKHAM, ONTARIO--(CCNMatthews - May 2, 2007) - Flagship Industries Inc. (TSX VENTURE:FII) announces that it has declared a dividend in the aggregate amount of $1,070,000 on its common shares, payable on May 18, 2007 to the holders of record at the close of business on May 8, 2007. The dividend will be paid on the 6,113,275 common shares currently outstanding prior to giving effect to the company's previously announced split of its shares on the basis of five post-split shares for every one pre-split share. Each shareholder will receive approximately $0.175 per share.

In addition, the company wishes to announce that it has established May 8, 2007 as the record date for its previously announced share split. The company's common shares will commence trading on a split basis on the TSX Venture Exchange at the opening on May 4, 2007. The split is being effected by way of share dividend/push out and common shareholders of record at the close of business on May 8, 2007 will be mailed additional certificates. Following the share split, the company will have approximately 30,566,375 common shares issued and outstanding. The split of the company's shares is subject to final acceptance by the TSX Venture Exchange.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Flagship Industries Inc.
    Suzanne Blythe
    (905) 477-7689
    (905) 479-9870 (FAX)