Aug 30, 2007 15:23 ET
Seamless Wi-Fi, Inc. Board Approves Share Dividend for Seamless Shareholders
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Seamless Wi-Fi, Inc.
LAS VEGAS, NV--(Marketwire - August 30, 2007) - Seamless Wi-Fi, Inc. (OTCBB: SLWF) today announced that on August 7, 2007, the Seamless Board of Directors approved a stock dividend payment of 400,000 shares of Seamless' holdings of 1st Global Financial Corporation (PINKSHEETS: FGBF) common stock to Seamless shareholders. Seamless has held the 1st Global shares over 12 months.
Pursuant to the Board's resolution, beginning September 14, 2007, one share of 1st Global Financial Corporation Common Stock shall be distributed for each 20,000 shares of Seamless common stock held by Seamless shareholders of record as of September 7, 2007 (the "Record Date"). Seamless shareholders owning fewer than 20,000 shares of Seamless common stock as of the Record Date shall receive a cash in lieu payment to be issued by September 24, 2007 equal to 10% of their holdings based on the Seamless shares' closing price on the Record Date.
"Our board wanted to reward our Seamless shareholders in recognition of their patience during our extended product development cycle," said Albert Reda, Chairman of Seamless Wi-Fi, Inc. "Now that we have successfully developed products ready for market, our board decided to move forward with this share distribution as a dividend to our loyal shareholders. 1st Global Financial, Inc. through its subsidiaries began Credit and Debit card processing just over 10 months ago and as of July, 2007 has processed over $8,200,000 Credit /Debit transaction for that month. We feel that our shareholders will benefit from ownership in 1st Global."
1st Global Financial, Inc. (www.1stglobalfinancialcorp.com) provides financial solutions to small and midsize businesses through three operating subsidiaries: 1st Federal Financial, Inc. which provides bankcard payment processing for merchants; 1st Federal Leasing, LLC which leases point-of-sale transaction terminals to 1st Federal Financial clients; and 1st Federal Advanced Funding, Inc. which provides working capital to 1st Federal Financial clients. 1st Global is headed by T.A. (Gil) Gillis, who, in 1990, founded and built 1st National Bank Card Services into one of the largest credit card processing companies in North America, selling the Company to Ipayment in 2001.
About Seamless Wi-Fi:
Seamless Wi-Fi, Inc. (www.slwf.net) is a Las Vegas-based company quoted on the OTC Bulletin Board under the symbol SLWF. Seamless Wi-Fi develops and markets secure cutting-edge internet communications products and services through its three operating subsidiaries: Seamless Skyy-Fi, Inc. (www.skyyfi.com), Seamless Peer 2 Peer, Inc. (www.seamlessp2p.net), and Seamless Internet, Inc. (www.seamlessinternet.com).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Seamless Wi-Fi or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, such statements in this release that describe the company's business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. These risks and uncertainties include, among other things, product price volatility, product demand, market competition, and risk inherent in the operations of a company. We assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.
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