MARKHAM, ONTARIO, Canada, Nov. 2, 2004 (PRIMEZONE) -- ART International Corporation, (OTCBB:ARIOF) has clarified its recently announced stock dividend in response to numerous shareholder inquiries.
As previously disclosed, holders of common stock will be entitled to a stock dividend of 1 additional new share for each share held at the record date of October 29, 2004. The Payment Date for the dividend is November 5, 2004, and the Ex-Date has been set for November 8, 2004.
Persons purchasing ART International Corporation common stock on the OTC Bulletin Board on or before November 5, 2004, will be entitled to the stock dividend. After close of trading on November 5, 2004, the benefit of the stock dividend will no longer be reflected in the trading price of ART International Corporation's common stock. At commencement of trading on November 8, 2004, ART International Corporation's common stock price will be adjusted accordingly.
According to the Nasdaq Stock Market, notice of stock splits/dividends greater than 25% must be made to Market Data Integrity by issuers at least 10 calendar days prior to the Record Date. The Ex-Date is established by Market Integrity in accordance with Uniform Practice rules. The Payment Date is defined as the date on which a corporation makes payment of the declared distribution to its previously determined shareholders of record. The Ex-Date is defined as the first day the stock trades without the distribution (ex = without). This is also the day the price of the stock is reduced by amount of the distribution. The Ex-Date is set as the first business day after the Payment Date.
About ART International Corporation
ART International Corporation through its wholly owned subsidiary, Diamant film Inc., has secured a ten-year agreement with Diamant Plastics Corporation for the exclusive marketing and distribution rights in the United States and Canada to Diamant film, a non-PVC food stretch film. Diamant film is the world's first, plasticizer-free stretch film based on polystyrene and the first food wrapping film that is environmentally friendly and recyclable. Diamant film has recently been certified by the Environmental Choice(M) Program.
For more information please visit our website, www.diamantfilm.com.
Safe Harbor
This release may contain forward-looking statements that involve uncertainties and risks. Actual results may differ materially from the results predicted. Important factors which could cause actual results to differ materially from those expected or implied in the forward-looking statements are detailed in filings with the Securities and Exchange Commission made from time to time by ART International Corporation including its periodic reports on Form 10-K, 10-Q and 8-K. ART International Corporation undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof.