BOCA RATON, Fla., March 01, 2018 (GLOBE NEWSWIRE) -- Hollywood Media Corp. (OTC Pink:HOLL) today provided an update to clarify the treatment of the special $0.45 per share cash distribution to shareholders that it announced on January 16, 2018.
Because the distribution is in excess of 25% of the Company’s current share price, per FINRA guidelines the right to receive the distribution will continue to trade with Hollywood Media’s common stock until the pay date, which is March 30, 2018. As a result, the distribution record date is also March 30, 2018, rather than March 1, 2018 as was previously anticipated. Further, the ex-dividend date for the special distribution will be April 2, 2018, one business day after the special distribution pay date.
As previously stated, the distribution is expected to be classified as a return of capital distribution for tax purposes. Hollywood Media had 16,131,477 shares outstanding as of January 16, 2018.
About Hollywood Media (www.hollywoodmedia.com)
Hollywood Media Corp. owns a 50% interest in Netco Partners, a joint venture that owns the Net Force publishing franchise, which delves into the thrilling and fast-paced worlds of digital crimes, espionage and crypto-currencies. Hollywood Media plans to relaunch Net Force with new books starting in 2019.
A story-arc outline for an additional five Net Force books has been completed and the manuscripts for the first two books in the franchise reboot have already been written. A literary agent has been retained to seek publishers to publish these books simultaneously in four formats – hardcover, eBooks, streaming audio books and podcast editions -- at an anticipated rate of one book every 9-12 months.
The initial series of ten Net Force books was published in paperback between 1999 and 2006. Each was a New York Times Bestseller, millions of copies were sold worldwide, and Net Force was also the subject of a TV miniseries on ABC. Cash distributions to Hollywood Media of licensing fees from the Net Force franchise have totaled approximately $11.3 million.
The new Net Force is vastly expanded from its original status as a branch of the FBI. The series is now set in the near future where Net Force is a Cabinet-level department, integrating elite members of the Nation’s intelligence, law enforcement and scientific agencies with dedicated SpecialOps units from the armed services, to investigate digital crimes involving espionage and crypto-currencies.
Statements in this press release and its hyperlinks may be “forward-looking statements” within the meaning of federal securities laws. The matters discussed herein that are forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous potential risks and uncertainties, including, but not limited to, the need to manage our growth, the results of the relaunch of the Net Force series and realizing anticipated revenues, the amount of sales of Net Force books, and cost efficiencies, the impact of potential future dispositions or other strategic transactions by Company, our ability to develop and maintain strategic relationships, our ability to compete with other media companies, technology risks, the volatility of our stock price, and other risks and factors. Such forward-looking statements speak only as of the date on which they are made
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Source:Hollywood Media Corp.