WASHINGTON, D.C. – May 28, 2019 – Determine, Inc. (OTCQB: DTRM) (the “Company”) today announced that it plans to file a Form 15 suspending its reporting requirements under the Exchange Act of 1934, as amended, in early June and plans to withdraw the Company’s common stock from trading on OTCQB and file the Company’s certificate of dissolution on June 14, 2019 such that no further transfers of shares will be effective after such date.
The Company previously announced its plan for winding up, liquidating and dissolving on April 18, 2019. On May 2, 2019, the Company filed and mailed to stockholders a definitive information statement describing an action by written stockholder consent in which the Company’s stockholders approved the winding up, liquidation and dissolution of the Company.
The Company currently estimates that there will be between $0.10 to $0.14 per share of common stock of the Company initially available for distribution to its stockholders. The Company anticipates that a subsequent distribution of between $0.01 to $0.11 per share may be available following the one year anniversary of the closing of the asset sale and release of any escrow proceeds thereafter in April 2020. Although the Board has not established a definitive timetable for liquidating distributions, the Company expects to make an initial distribution as promptly as reasonably possible following the effective date of the plan of liquidation and a subsequent distribution to occur as promptly as reasonably possible following the one year anniversary of the closing of the asset sale and release of any escrow proceeds thereafter in April 2020.
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Forward Looking Statements
Some of the statements in this press release may include, and certain oral statements made by our representatives from time to time may include, forward-looking statements that reflect current views with respect to future events and financial performance. Statements that include the words “should,” “expect,” “will,” “intend” and similar statements of a future or forward-looking nature identify forward-looking statements in this press release or similar oral statements for purposes of the U.S. federal securities laws or otherwise, although not all forward-looking statements include such words. Such statements are “forward looking” statements, as such term is defined in the Private Securities Litigation Reform Act of 1995, and involve assumptions, risks and uncertainties, all of which can change over time. Actual results could differ materially from those expressed or implied in these forward-looking statements for any reason. Risks and uncertainties specific to the Company include that the timing and amounts to be distributed to Company stockholders may not be reflective of timing and amounts anticipated. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Determine, Inc.
Prior to the closing of the asset sale to Corcentric on April 10, 2019, the Company was a leading global provider of SaaS Source-to-Pay and Enterprise Contract Lifecycle Management (ECLM) solutions. The Company currently does not have an operating business and as previously announced, is in the process of winding up, liquidating and dissolving.