SOUTHBOROUGH, Mass., Sept. 26, 2014 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) a world leader in the design and manufacture of controls for zero emission electric and hybrid vehicles, today announced that the first semi-annual dividend on the company's recently issued Series A Convertible Preferred Stock will be payable on October 15, 2014, to shareholders of record at the close of business on October 8, 2014. The dividend will be $0.09 per share, representing the pro-rata amount for the period commencing on the issuance date of September 12, 2014. Dividends on the Series A Convertible Preferred Stock are payable on October 15 and April 15 each year at the rate of 4 percent per annum of the stated value of $24 per share.
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of controls for zero emission electric and hybrid vehicles. The controls are used to vary the speed and movement of vehicles, to integrate specialized functions, and to optimize the energy consumption of the vehicle's power source. Sevcon supplies customers throughout the world from its operations in the USA, the UK, France and the Asia Pacific region and through an international dealer network. Sevcon's customers are manufacturers of on and off road vehicles including cars, trucks, buses, motorcycles, fork lift trucks, aerial lifts, mining vehicles, airport tractors, sweepers and other electrically powered vehicles. For more information, visit www.sevcon.com.