Imperial Establishes Dividend Trust
EVANSVILLE, Ind.--(BUSINESS WIRE)-- Imperial Petroleum, Inc. (OTCQX: IPMN) announced today that its Board of Directors has established a Dividend Trust for the benefit of its shareholders. The Trust assets will consist of a five percent (5.0% of eight eights) net profits interest in the cash flow from the Company's oil sands projects comprising the Stampede and Peak Mines. The Trust assets and accounts will be managed by Mr. Greg Thagard, the Chairman of the Company. The initial record date will be July 31, 2014 for shareholders of record as of that date to receive the accumulated cash distribution from the Trust as a dividend. Subsequent annual dividends from the Trust will be on the anniversary date each year of the initial record date and paid to shareholders of record as of that date.
"We believe that, although the Company is a microcap stock, our shareholders should be entitled to share directly in a portion of the cash flow of our oil sands efforts as they come online and as we continue to build the Company and develop a strategy for growth," said Jeffrey Wilson, President of the Company. Adding, "We are working very hard to bring this revolutionary new oil sand recovery technology to commercial fruition in the coming weeks and demonstrate its effectiveness as an economic and environmentally friendly means to unlock the vast potential of oil sands in the United States."
Forward Looking Statement
This press release may contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes that the expectations in such statements are reasonable, there can be no assurance that such expectations will prove to be correct.
Imperial Petroleum, Inc.
Jeffrey T. Wilson, 812-867-1433 or 812-431-8912
KEYWORDS: United States North America Indiana
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