Macro Enterprises Inc.
TSX VENTURE : MCR

Macro Enterprises Inc.

June 05, 2009 17:12 ET

Macro Enterprises Inc. Announces Decision to Suspend Payment of Preferred Share Dividends

FORT ST. JOHN, BRITISH COLUMBIA--(Marketwire - June 5, 2009) -

Macro Enterprises Inc. (the "Company") (TSX VENTURE:MCR) announced today that its Board of Directors (the "Board") has decided it is in the best interest of the Company to temporarily suspend payment of quarterly dividends on the Class A Convertible Preference Shares of the Company. There is a dividend of $105,625 payable on June 30, 2009.

On May 28, 2009 the Company reported that it earned $2.2 million from continuing operations in the first quarter of 2009 compared to a loss of $1.2 million in the same period in 2008. Despite the substantially improved results, the Board considered it prudent to take this action, among other things, to minimize cash outflows from the Company, in light of the current state of financial markets and general economic conditions. The Board will re-examine this decision each quarter. Under the provisions of the Class A Convertible Preference Shares, unpaid dividends accumulate.

Macro's core business is providing pipeline and facilities construction and maintenance services to major companies in the oil and gas industry in northeastern B.C. and northwestern Alberta. The Company's corporate office is in Calgary, Alberta. Its shares are listed on the TSX Venture Exchange under the symbol MCR. Information on the Company's principal operating unit, Macro Industries Inc., can be found at www.macroindustries.ca.

Contact Information

  • Macro Enterprises Inc.
    Frank Miles
    President and C.E.O.
    (250) 785-0033
    or
    Macro Enterprises Inc.
    T. Jerrold Jackson
    C.F.O.
    (403) 705-7302
    www.macroindustries.ca