BURNABY, BC, Jan. 2, 2013 /CNW/ - January 2, 2013 - GLENTEL Inc.'s (TSX: GLN) Board of Directors is pleased to announce the declaration of a quarterly dividend in the amount of $0.125 per share, for shareholders of record on Thursday, January 10, 2013, payable on Thursday, January 24, 2013.
"We are especially pleased to announce a dividend increase of 2.5 cents per share compared to quarterly dividends paid in 2012," stated Thomas Skidmore, GLENTEL's President and Chief Executive Officer. "The declared dividend will increase the previous quarterly dividend of $0.10 per share to $0.125 per share. The dividend increase recognizes GLENTEL's consistent growth in sales and profitability, as well as anticipated net earnings contributions in 2013 from our recent acquisitions in the United States and Australia. The Board intends to share the success of the company primarily through the declaration of quarterly dividends. In 2013 and beyond, special dividends will not be declared annually, but rather may be declared on an extraordinary basis, from time to time."
Unless otherwise stated, dividends paid by GLENTEL Inc. to Canadian residents are "eligible dividends" as defined by the Canadian Income Tax Act and corresponding provincial legislation.
GLENTEL (TSX: GLN) is the largest independent multi-carrier mobile phone retailer in Canada and a leading provider of innovative and reliable telecommunications services and solutions in North America. Founded in 1963 and headquartered in Burnaby, BC, Canada, GLENTEL comprises four operating divisions - Retail Canada, Retail U.S., Retail Australia and Business - that service thousands of consumers and commercial communications customers. The company operates over 1,180 stores worldwide, with more than 330 locations in Canada located nationally in retail malls, Costco Wholesale stores, and business centers; more than 210 Diamond Wireless retail locations in the United States; 428 Wireless Zone retail locations in the United States; and more than 210 retail locations in Australia. In addition, Target Canada has licensed the operation of over 125 mobile communications sales and service kiosks within its stores to GLENTEL under the brand Target Mobile®, commencing in 2013. To its business and government customers, GLENTEL offers wireless service, rental equipment, satellite and terrestrial network systems and wireless asset monitoring. GLENTEL offers a choice of network carrier and wireless device or mobile phone to Canadian and Australian consumers and offers the family of wireless products and services of Verizon Wireless in the United States. GLENTEL operates its business under the trading names GLENTEL Wireless, WIRELESSWAVE, WAVE SANS FIL, Tbooth Wireless, La Cabine T Sans Fil, WIRELESS etc., SANS FIL etc., Mac Station, Diamond Wireless and Wireless Zone - Verizon Wireless National Premium Retailers in the USA, and Allphones in Australia.
Statements in this release relating to matters that are not historical fact are forward-looking statements based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to, general economic conditions, changes in technology, reliance on third-party manufacturing, managing rapid growth, limited intellectual property protection, and other risks and uncertainties described in GLENTEL's public filings with securities regulatory authorities.
NO STOCK EXCHANGE, SECURITIES COMMISSION, OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE: Glentel Inc.
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