Alternate Marketing Networks Reported on Dividend and Name Change at Annual Meeting
SCHAUMBURG, Ill., June 13, 2012 /PRNewswire/ -- Alternate Marketing Networks, Inc. (Pink Sheets: ALTM) held its annual meeting on June 13, 2012 at its Schaumburg, Illinois office.
The Company announced they have authorized a cash dividend of seven cents per share on the Company's common stock. The dividend is payable on August 15, 2012 to shareholders of record as of July 25, 2012.
The Company also announced that the corporate name will be changed to USSPI Media, Inc., effective July 2, 2012. The new corporate name is derived from the abbreviated name of the Company's main business, US Suburban Press & Interactive (USSPI). USSPI has been providing national advertisers with local, targeted solutions for 40 years. "The USSPI name is well known in the newspaper media community," said the Company's President, Frank O'Connell.
As earlier disclosed the Company reported a net profit after tax of $596,267 on gross sales of $20,968,660 for its fiscal year ending December 31, 2011. The Company reported income tax expense of $328,901. The unaudited financial statements were prepared by management. Alternate Marketing Networks became a non-reporting company pursuant to a Form 15 filed with the Securities and Exchange Commission effective January 2, 2004.
Alternate Marketing Networks' sole operating subsidiary is a media agency that specializes in media buying and placement for advertisers in newspapers and digital media. USSPI fills the crucial role of aggregating local newspaper and local digital media into custom networks that are efficient and easy for national advertisers to buy and reach their target markets.
US Suburban Press & Interactive has provided national advertisers in the U.S. with targeted advertising on a hyper-local level as well as a one-order, one-bill system for over 40 years. The Company has over 2,000 newspapers in its proprietary database.
Statements in this news release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. The forward-looking statements can generally be identified by words such as "believes," "anticipates," "expects" or words of similar meaning. Forward-looking statements also include statements relating to the Company's future performance, such as future prospects, revenues, profits and cash flows. The forward-looking statements are subject to risks and uncertainties, which may cause actual results to be materially different from any future performance suggested in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements.
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