TORONTO, ONTARIO--(Marketwired - March 5, 2014) - GreenStar Agricultural Corporation (TSX VENTURE:GRE) ("GreenStar" or the "Company"), today announced a clarification with respect to the dividend announced on March 4, 2016.
The Ex-Dividend date for the dividend with respect to the first quarter of 2014 will be March 27, 2014 and not March 26, 2014 as previously announced. All other details with respect to the dividend were correctly announced and are summarized below.
||Dividend Per Common Share:
||March 27, 2014
||March 31, 2014
||April 30, 2014
The dividend will be payable in Canadian dollars or, at GreenStar's option, in Chinese Renminbi equivalent for shareholders resident in China based on the Bank of Canada noon rate on the third business day prior to the payable date.
For Canadian resident shareholders, dividends declared are considered as "eligible dividends" for purposes of the dividend tax credit rules contained in the Income Tax Act (Canada).
The dividend payable on April 30, 2014 will be the fifth consecutive quarterly dividend paid by GreenStar and the first at the increased quarterly rate of $0.015 per share ($0.06 annualized), which is a 50% increase over the dividend rate paid by the Company during 2013.
GreenStar operates two main divisions, agricultural and food processing. The agricultural division is involved in the cultivation and harvesting of agricultural products such as fresh fruit and vegetables, for sale either directly as fresh fruit and vegetables or canned, and sold overseas and domestically. The food processing division is primarily involved in the processing of canned food, which includes canned tomato paste, canned boiled bamboo shoots, canned oranges, canned peaches and various other types of fruits and vegetables.
GreenStar has been operating for over 19 years. Through the application of science and technology in production, quality control and assurance, and business operations and management, GreenStar has focused on maintaining product and reputational excellence with a high standard of food quality. Key assets include a well established management team, modern production facilities, and a close partnership with local farmers.
GreenStar Agricultural Corp. is listed on the TSX Venture Exchange under the symbol "GRE".
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute "forward looking" statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as "may", "will", "expect", "believe", "plan" and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward looking information in this press release includes managements plan to pay dividend and the expected record date and payable date for the dividend and payment method of dividend. These forward looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive. Please see the Company's annual MD&A dated April 25, 2013, available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.