Siti-Sites.com, Inc. Announces 88.17 % Stockholder Approval of Plan of Final Liquidation and Dissolution on November 14, 2006
November 15 2006 - 10:53AM
PR Newswire (US)
NEW YORK, Nov. 15 /PRNewswire-FirstCall/ -- (OTC Bulletin Board:
SITN- News; SITN.PK, and by Email to ) Siti-sites.com, Inc. (CUSIP
82981 -- formerly named Spectrum Information Technologies, Inc. and
called "Siti" in its various SEC reports, symbol SITN.PK) announced
today that stockholders approved its Plan of Final Liquidation and
Dissolution (the "Plan"), as set forth in its recent Proxy
Statement under Section 14 (a) of the Securities Exchange Act of
1934. A majority vote of all stockholders was required. Holders of
88.17 % of its shares voted in favor of the Plan by proxies. Out of
30,000,143 shares outstanding of record on October 20, 2006,
stockholders with 26,450,608 shares voted in favor of the Plan.
There were also 42,563 votes cast against the Plan, and 90,204
votes abstaining. Some 11,600 proxy statements were furnished, as
follows: Proxy Statements and proxy cards were mailed to a total of
3,602 individual holders and representative brokers and firms.
These representatives further requested and received 9,500 copies
of the proxy statement and cards for redistribution to their
clients, who mostly owned very small quantities of shares. 70
brokerage firms voted 642,322 shares in favor of the Plan, largely
at a rate of 90% in favor. While counting shares present and voting
does not control in a liquidation vote, requiring a majority of all
shares outstanding -- over 99 % of shares present and voting at the
stockholders' meeting submitted proxies in favor of the Plan.
Cancellation of Shares in Liquidation As previously announced, the
Plan provides for cancellation of all outstanding shares of Siti,
in exchange for the liquidating distribution made in April 2006 and
any further liquidating distributions resulting from a recent
patent litigation settlement. They may become possible in the
future, during the extensive life of the patent portfolio involved
(expiring 2009 through 2021). Siti is a contingent creditor of the
company owning the patents. The Plan covers all such distributions,
if any. The Company's certificate of dissolution will shortly be
filed in Delaware. The cash amounts distributed to shareholders in
liquidation of Siti, in April, 2006 or hereafter distributed to
shareholders, if any, shall be deemed and treated as being in full
payment in exchange for the stock of Siti pursuant to Section 331
of the U.S. Internal Revenue Code. The Plan provides for cessation
of trading by prompt cancellation of the shares 30 days after its
effective date. Further trading in the shares of Siti are expected
to cease by December 31, 2006. The shares of stock will not be
freely transferable thereafter. The list of former Siti
shareholders of record shall be used thereafter solely to determine
their pro rata entitlement to any future cash payments under the
Plan that may become possible. Such right to participate shall be
transferable only by operation of laws of inheritance, succession
or otherwise, and the cancelled stock certificate of each former
shareholder shall be the primary source of its or its successor
owner's right to receive any future liquidating dividend payments.
Other details of the Plan and its economic and federal tax impact
on both Siti and its stockholders are described in the Proxy
Statement. DATASOURCE: Siti-Sites.com, Inc. CONTACT: Toni Ann
Tantillo, +1-914-779-7155
Copyright