TORONTO, Feb. 21, 2017 /CNW/ - The Board of Directors of Pivot Technology Solutions, Inc. (TSX: PTG), a full-service information technology provider, today approved a quarterly dividend payment of $0.04 per common share, payable on March 15, 2017 to shareholders of record at the close of business on March 3, 2017.
In December, 2016, the Company consolidated its common shares on a four-for-one basis after graduating to the Toronto Stock Exchange. The dividend rate therefore became $0.04 per common share compared to the pre-share consolidation amount of $0.01 per share. In aggregate, the dividend amount is unchanged.
"Pivot initiated its quarterly dividend policy in the summer of 2015 as a key component of our shareholder value creation strategy," said Kevin Shank, President and Chief Executive Officer. "At the current rate, our dividend represents a yield of over 9%, which we believe is attractive for our shareholders and sustainable in the context of our cash flow and our growth plan."
The Company intends to continue to pay at the established rate of $0.04 per share, per quarter, going forward.
About Pivot Technology Solutions
Pivot is a leading information technology infrastructure and services provider to approximately 2,000 customers, including many members of the Fortune 500. With offices throughout North America, Pivot uses its knowledge and local presence to help corporations, governments and educational institutions design, build, implement and maintain advanced computing and communication infrastructure. For more information, visit www.pivotts.com.
Forward Looking Statements
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements include statements regarding future dividends and Pivot's growth plan. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend", "anticipate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience and its perception of historical trends, current conditions and expected future developments, including that the general business climate will not deteriorate, and that Pivot will continue to be able to pay quarterly dividends, as well as other factors Pivot believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: Pivot's expected cash flows and its need for capital to fund operations and to fund and pursue growth opportunities. The "forward-looking statements" contained herein speak only as of the date of this news release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
SOURCE Pivot Technology Solutions, Inc
For further information: Brian Kyle, CFO, Pivot Technology Solutions, firstname.lastname@example.org, Tel: 416 371 8171; Bill Mitoulas, Venture North Capital Inc., email@example.com, Tel: 416.479.9547