MONMOUTH, Maine, Nov. 16 /PRNewswire-FirstCall/ -- Community Service Communications, Inc. ("Community") (BULLETIN BOARD: CMYS) announced today that the Board of Directors of the Company declared a $1.00 per share cash distribution payable on December 10, 2007 to its shareholders of record on November 29, 2007.
This distribution is in accordance with the shareholder approved Plan of Complete Liquidation and Dissolution (the "Plan") on June 15, 2004. The Plan requires the management to wind-up its business affairs and distribute from time to time the available liquid proceeds to its shareholders.
With the payment of this distribution, Community will have made total cash distributions of $6.00 per share under the Plan, exceeding the originally anticipated amount of $5.50 per share. Any future distributions are expected to be smaller in amount until the Plan is completed. At this point, the only non-cash assets remaining are Community's 50% interest in a Maine-based paging company, as well as CoBank Participation Certificates which are anticipated to be liquidated over the next two years.
Copies of the Plan can be obtained from the Company.
Community has approximately 632,452 shares of Common Stock, held by approximately 296 shareholders of record.
About Community
Community is a Maine-based telecommunications company that had been serving local telephone customers for more than 100 years. Formed in 1898, today Community has a few remaining investments including a 50% interest in a Maine-based paging company.
CONTACT:
William Ralph
Community Service Communications, Inc.
PO Box 30
Monmouth, ME 04259
207-377-9295
Fax 207-377-4444
Email:
