Epazz, a leading provider of cloud-based business software solutions for the corporate, higher education and public sectors, has filed with securities regulator FINRA a corporate action for the ZFridge (Project Flex) spin-off. The ZFridge spin-off record date is September 15, 2013.
As previously announced, EPAZ approved a 1-10 stock dividend for EPAZ shareholders – for each 10 shares of EPAZ common stock that a shareholder owns, the shareholder will receive one share of stock in the new Project Flex spinoff. The spin-off of Project Flex will be above $0.01 per share. Only shareholders of record date will receive the dividend.
The FINRA filing was necessary for the dividend to be paid out through DTCC, provider of securities transactions services, which is needed for electronic distribution of the spin-off shares to shareholders’ brokerage accounts.
EPAZ said it is currently working with a patent attorney to file the non-provisional patent, at which time the company can make public disclosures of the product. The company has already filed the provisional patent.
Epazz CEO Shaun Passley said the company will execute additional spin-offs in the future as it looks to build shareholder and company value.
“This is our first spin-off, but not the last spin-off. Our business plan provides long-term shareholders multiple opportunities for stock dividends,” Passley stated in the press release. “We believe transitioning Epazz to a holding company will provide long-term value.”
For more information, visit www.epazz.com
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