LAGUNA HILLS, Calif., Dec. 16, 2013 (GLOBE NEWSWIRE) -- ACME Communications, Inc. (Pink Sheets:ACME) today announced that its Board has approved a special cash distribution of $0.05 per share, payable on December 30, 2013 to shareholders of record as of December 26, 2013. Pursuant to the previously approved plan of liquidation, the distribution is being treated as a return of capital. The distribution is being funded from the proceeds of the Company's $1.0 million escrow established a year ago in connection with the sale of its Albuquerque-Santa Fe television stations along with cash on hand.
The Company believes it is possible that it will make future distributions in the aggregate of $.02-04, depending on the outcome of the settlement of its remaining obligations. It is likely, however, that any such distributions will not be made until the end of calendar 2014.
The Company also expects to release its financial results for the three month and nine months periods ended September 30, 2013, which will be posted on the Company's website at www.acmecommunications.com by Wednesday, December 18, 2013. As previously announced, the Company sold its final operating asset, The Daily Buzz, on March 31, 2013. Consequently, the third quarter results essentially reflect ongoing corporate related expenses.
About ACME Communications, Inc.
ACME Communications, Inc. shares are traded over-the-counter under the symbol: (Pink Sheets:ACME).
Forward-Looking Statements
The matters discussed in this press release include forward-looking statements. In addition, when used in this press release, the words "will", "likely" and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Many factors could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.