DALLAS, Sept. 6, 2001 (PRIMEZONE) -- Citizens Capital Corp. (OTCBB:CAAP) today announced September 17, 2001 as the record date for a special one for one Rights dividend to Citizens Capital Corp. common shareholders (CUSIP No. 174445106). CAAP shall trade ex-dividend on September 11, 2001 with a dividend payment date of October 1, 2001.
The aggregate dividend consists of 48,022,500 Citizens Capital Corp. Class A Subscription Rights (CUSIP No. 174445122). Each five Rights purchases one share of SCOR Brands, Inc. common stock from Citizens Capital Corp. at $0.52 per share. The special dividend, if fully subscribed, effects the spin off of approximately 30 percent of Citizens Capital Corp.'s SCOR Brands, Inc. athletic footwear unit or 9,604,500 SCOR Brands, Inc. common shares to Citizens Capital Corp. common shareholders of record as of September 17, 2001. Initially, the Citizens Capital Corp. Class A Subscription Rights shall trade on a when-issued basis. Subsequently, said Rights shall trade the regular way until November 30, 2001, when they shall then expire.
Scoring is the objective of all sports activities. SCOR(r) as a brand has instant name brand equity. SCOR offers several categories and styles of branded basketball, jogging, golf and outdoor footwear products which compete in the same consumer athletic footwear market now led by Nike Inc. (NYSE:NKE) and Reebok International Ltd. (NYSE:RBK). SCOR recently announced the establishment of its first SCOR Store retail outlet in Dallas, Texas, the eighth largest market in the United States, with plans to add 8 to 10 additional outlets throughout the metro area.
Said Billy D. Hawkins, president of Citizens Capital: "We believe the time is appropriate for our SCOR Brands unit to become independent and take on its own identity as a footwear brand. The spin off of SCOR creates a first opportunity for CAAP shareholders whereby the SCOR Brand equity may begin to be analyzed based on price valuations consistent with other athletic footwear brands currently trading in the capital marketplace. At some point, we would like to see SCOR tap the general public equity markets through a secondary offering. Whether as a result of development, acquisition, expansion or divestiture, the move to spin off our SCOR Brands unit is consistent with our objective of maximizing CAAP shareholder value."
About SCOR Brands, Inc.
SCOR Brands, Inc. is a subsidiary of Citizens Capital Corp. and is the designer, exclusive marketer and distributor of the SCOR Brands line of footwear. SCOR products may be previewed at its online SCOR Store located at: www.scorbrands.com.
About Citizens Capital Corp.
Citizens Capital Corp. is growth-oriented holding company engaged in the development and/or acquisition of businesses across several sectors and, through the application of well-defined management strategies, to enhance shareholder value for Citizens Capital Corp. shareholders.
For further information contact Billy D. Hawkins at 972.960.2643 or visit the company's corporate website at: www.citizenscap.com.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that, all forward-looking statements involve risks and uncertainties, including without limitation, the ability of Citizens Capital Corp. to accomplish its stated plan of business. Citizens Capital Corp. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Citizens Capital Corp. or any other person that the objectives and plans of Citizens Capital Corp. will be achieved.