US: AcquaCell pushes back distribution of shares
AquaCell Technologies said yesterday that it has pushed back the payment date for the distribution of the shares of Aquacell Water, Inc to coincide with the effectiveness of the Aquacell Water registration statement, which is expected to be filed with the Securities and Exchange Commission within the next 45 days.
Karen Laustsen, president of AquaCell Technologies, said: "In consultation with and at the recommendation of the American Stock Exchange and Depository Trust Company, we agreed to extend the payment date. We believe this extension is in the best interest of all parties."
In December 2004, the company announced it was spinning off its Aquacell Water subsidiary to AquaCell Technologies stockholders, who will receive one share of common stock in Aquacell Water for every share of common stock held in AquaCell Technologies. AquaCell Technologies has been trading with "due bills" since the record date, whereby the seller owes the spin-off shares to the buyer, and will continue to do so until the AMEX sets a new ex-dividend date in accordance with the new payment date, both of which will be announced at the appropriate time.
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