COSTA MESA, Calif., Nov. 18 /PRNewswire-FirstCall/ -- TROY Group, Inc. (Pink Sheets: TROY) announced today that its Board of Directors has declared a special cash dividend of $1.00 per share. This special dividend will be payable on December 15, 2008 to stockholders of record on November 30, 2008.
Mr. Patrick J. Dirk, Chairman and CEO commented, "The Board of Directors has determined that the Company has adequate cash reserves and cash flow to allow it to provide additional value to stockholders in the form of a special dividend and at the same time continue to invest resources into the business. The Board also believes that this special dividend allows our stockholders to share in the continued cost-savings from the Company's deregistration and the sale of the financial services business earlier this year."
Mr. Dirk continued, "This special dividend should not be construed as a determination by the Board of Directors to pay regular dividends. Any future consideration of dividends will be based on TROY's operating results, financial condition, cash requirements, future prospects and other factors."
The special cash dividend is expected to be fully taxable for U.S. income tax purposes. Once a determination of tax status is determined, individual stockholders will be notified.
About TROY Group
TROY Group, Inc. ("TROY") is a worldwide leader of secure on-demand printing solutions. TROY solutions manage, secure and simplify end-to-end enterprise printing environments. TROY offers application software, security printing hardware and specialized consumables for securely printing checks, money orders, transcripts, prescriptions and other important documents. TROY solutions are used by small and medium size businesses as well as large enterprises and governmental organizations to manage fraud, operational risk and comply with government regulations related to protecting information privacy. As a Gold Solutions Partner to Hewlett Packard, TROY is the only company in the world authorized by HP to enhance HP printers and consumables for use in secure printing workflows. Only TROY MICR and Security printers and HP compatible MICR Toner cartridges are certified by Hewlett Packard for quality and reliability. We sell and service our products to major corporations, banks, key government accounts and distributors worldwide. Visit TROY at http://www.troygroup.com/.
Forward-looking statements of TROY (statements that are not historical fact) in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by terms such as believe, expect, may, will, estimate, could and should, and the negative of these terms or other similar expressions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, but, are not limited to, the ability to develop new products, the ability to hire and retain qualified management, technology and other personnel, the impact of competition from existing and new technologies and companies and the other factors set forth in our periodic reports and other documents that we distribute from time to time which are available in our financial statements under certain important factors on our website TROYgroup.com or pinksheets.com. Statements included in this news release are based upon information known to TROY as of the date of this release, and TROY assumes no obligation to update information contained in this news
For Further Information: TROY Group, Inc. 940 South Coast Dr., Suite 200 Costa Mesa, CA 92626 (714) 241-4760 (714) 410-4762 Fax http://www.troygroup.com/ Contact: Myra Erickson Investor Relations
