Stamford, Connecticut – The Board of Directors of CTM Media Holdings, Inc. (OTC Pink Markets: CTMMA, CTMMB) decided yesterday to pay a special dividend of $6.00 per share to holders of its Class A, Class B and Class C common stock. CTM has also suspended payment of its regular quarterly dividends for 2013.
The special dividend will be paid on or about December 21, 2012 to stockholders of record of as of the close of business on December 17, 2012.
“With the scheduled December 31st expiration of the 15% federal tax rate on dividend income, and the uncertainty as to whether any fix will be implemented in time, we believe that it is in the best interest of our stockholders to pay this dividend now. The Company has the resources available, while retaining the ability to finance its operations and maintain sufficient cash reserves. We do not expect to pay a regular dividend during calendar 2013,” said Howard Jonas, Chairman of CTM Media Holdings.
This press release contains statements that constitute forward-looking statements. These forward- looking statements may use such forward-looking terminology as “expect,” “look,” “believe,” “plan,” “anticipate,” “may,” “will,” “intend” or similar statements or variations of such terms or otherwise express views concerning trends and the future. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward- looking statements. CTM Media Holdings, Inc. assumes no obligation for updating any such forward-looking statement at any time.