Paradise, Inc. Announces Third Distribution to Shareholders
PLANT CITY, Fla., Sept. 17, 2020 /PRNewswire/ -- Paradise, Inc. (the "Company") today announced that it has closed on the sale of its land and buildings.
Consistent with its expectations as communicated in its letter to shareholders dated July 8, 2019, which accompanied its definitive proxy statement filed with the Securities and Exchange Commission that day (the "Proxy Statement"), its letter to shareholders dated September 12, 2019 in connection with the initial distribution to shareholders, and its letter to shareholders dated July 21, 2020 in connection with the second distribution to shareholders, the Company will be making a third distribution to its shareholders, consisting largely of the proceeds from the sale of its land and buildings (the "Third Distribution").
After careful consideration of the Company's financial statements and a current valuation of the Company's assets and liabilities, the Company's Board of Directors approved the Third Distribution in the aggregate amount of
The Company expects to file shortly its Articles of Dissolution as part of its Plan of Complete Liquidation and Dissolution approved by its shareholders at the 2019 Annual Meeting of Shareholders held on July 29, 2019. This would commence the Company's wind-down. This period is expected to end with a final liquidating distribution to shareholders; however, the Company's ability to make such a distribution and its timing and amount depend on a number of factors that are uncertain and as to which it can provide no assurances.
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SOURCE Paradise, Inc.
