PURCHASE, N.Y., July 11 /PRNewswire-FirstCall/ -- PTV, Inc. (Pink Sheets: PTVI.PK) ("PTV" or the "Company") announced today that on July 6, 2006 its Board of Directors approved a dividend of $0.80 per share on the Company's 10% Fixed Coupon Redeemable Preferred Stock, Series A (PTVIP.PK). The Company has approximately 6,324,538 shares of preferred stock outstanding so the aggregate dividend will be approximately $5,060,000. The record date for the dividend on the preferred stock will be July 24, 2006 and the payment date will be August 8, 2006.
The Company currently anticipates that this distribution will not be treated as a taxable dividend for U.S. federal income tax purposes. That anticipated tax treatment is based upon the Company's current expectation that it will not have any earnings and profits for the year ending December 31, 2006. Holders of the Company's preferred stock are advised to consult their own tax advisors regarding the tax treatment of the distribution to their own particular circumstances.
Despite the fact that the Company is paying this dividend, there is no requirement under the Company's charter to pay any future dividends on the preferred stock and there is no assurance that the Company will pay any future dividends.
For further information, please visit the Company's web site at http://www.ptvinc.com/.
This press release contains forward-looking statements. The statements regarding PTV contained in this report that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes" or "plans," or comparable terminology, are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Although PTV is no longer required to file periodic reports with the Securities and Exchange Commission, important factors known to PTV that could cause such material differences are identified and discussed in PTV's historic filings with the Securities and Exchange Commission. PTV undertakes no obligation to correct or update any forward- looking statements, whether as a result of new information, future events or otherwise.
