CLEVELAND, Oct. 6, 2010 (GLOBE NEWSWIRE) -- SearchPath HCS Inc. (Pink Sheets:SRCP), a leading Human Capital Solutions provider, today announced that the Company's Board of Directors declared its first-ever stock dividend payable on October 31, 2010 and an expected Record Date of October 18, 2010, based on projected time frames related to regulatory compliance.
The dividend will be issued as a "unit" of one share of restricted stock and a warrant to purchase an additional share of restricted stock for each 100 hundred shares of SearchPath HCS (SRCP) Common Stock or Series A Preferred Stock held as of the record date. The warrant for one share of stock will have a strike price of one cent ($0.01) and will expire five years from the date of issuance.
Tom Johnston, CEO of SearchPath HCS, commented on the Company's dividend issuance, stating, "We are very pleased to announce the issuance of SearchPath's first dividend which demonstrates our commitment to rewarding our shareholders for their investment in us. We believe that this dividend will also add long-term value to SearchPath because it can provide us with the ability to fund future growth initiatives as shareholders exercise the warrant portion of their dividends. The Company anticipates being able to consistently issue dividends to our shareholders as we project growth for the foreseeable future."
About Search Path HCS, Inc.
SearchPath HCS, Inc. is a rapidly growing human capital solutions firm and the parent company of SearchPath International, Inc. (SPI) . SPI is a U.S.-based talent acquisition professional services firm, with 65 franchises nationwide. Founded in 2005, SPI's goal is to become the premier, vertically-integrated provider of talent acquisition professional services in the world. In addition to being a stand-alone talent and acquisition services firm, SPI is also a franchisor of its business that has redefined the way clients do business with recruiters by implementing a client-centric approach that combines proven industry best practices and revolutionary concepts.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words ``believes,'' ``expects,'' ``given,'' ``targets,'' ``intends,'' ``anticipates,'' ``plans,'' ``projects,'' ``forecasts'' or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.
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