O.I. Corporation Announces Special Dividend and Regular Quarterly Dividend
01 November 2010 - 9:57PM
Marketwired
O.I. Corporation (NASDAQ: OICO) today announced that its Board of
Directors declared a special dividend of $0.50 per common share and
a regular quarterly dividend of $0.05 per share, both of which are
payable on November 15, 2010 to shareholders of record at the close
of business on November 10, 2010. Both the special dividend and the
regular quarterly dividend will be payable on November 15, 2010
whether or not O.I. Corporation's merger (the "Merger") with a
subsidiary of ITT Corporation pursuant to the Agreement and Plan of
Merger dated September 13, 2010, has closed by such date. A special
meeting of O.I. Corporation's shareholders is scheduled to be held
on November 15, 2010 to consider the approval of the Merger.
About O.I. Corporation:
O.I. Corporation, dba OI Analytical, develops, manufactures,
sells, and services analytical instrumentation that detects,
measures, analyzes, and monitors chemicals in liquids, solids, and
gases. Providing products used to digest, extract, and separate
components of chemical mixtures, the Company designs
application-specific solutions for various industries including
environmental testing, defense, and petrochemical. Headquartered in
College Station, Texas, the Company's products are sold
worldwide.
Safe Harbor Statement
Certain material presented herein includes forward-looking
statements intended to qualify for the safe harbor from liability
established by the Private Securities Litigation Reform Act of 1995
(the "Act"). Forward-looking statements are uncertain and to some
extent unpredictable, and involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from those expressed in, or implied
from, such forward-looking statements. Factors that could cause
results to differ materially from those anticipated include: the
possibility that the proposed transaction does not close,
including, but not limited to, due to the failure to satisfy the
closing conditions; the failure of stockholders of O.I. Corporation
to approve the proposed merger; the possibility that the expected
efficiencies and cost savings from the proposed transaction will
not be realized, or will not be realized within the expected time
period; the risk that the ITT and OI businesses will not be
integrated successfully; disruption from the proposed transaction
making it more difficult to maintain business and operational
relationships; and the possibility that OI does not perform as
expected following the completion of the acquisition. Further
information concerning ITT, OI, and their businesses, including
factors that potentially could materially affect ITT's and OI 's
financial results, is contained in ITT's and OI's filings with the
Securities and Exchange Commission (the "SEC"). See ITT's and O.I.
Corporation's Annual Reports on Form 10-K and Annual Reports to
Stockholders for the fiscal years ended December 31, 2009, and
other public filings with the SEC for a further discussion of these
and other risks and uncertainties applicable to our businesses.
Neither ITT nor OI undertakes, and each of them expressly
disclaims, any duty to update any forward-looking statement whether
as a result of new information, future events or changes in their
respective expectations, except as required by law.
Additional Information
This communication does not constitute an offer to sell or the
solicitation of an offer to buy our securities or the solicitation
of any vote or approval. This communication is being made in
respect of the proposed transaction involving ITT and O.I.
Corporation. In connection with the proposed transaction, OI has
filed its definitive proxy statement with the SEC on October 14,
2010. Before making any voting or investment decision, investors
and stockholders are urged to read carefully in their entirety the
proxy statement regarding the proposed transaction and any other
relevant documents filed by O.I. Corporation with the SEC when they
become available because they will contain important information
about the proposed transaction. You may obtain copies of all
documents filed with the SEC regarding this transaction, free of
charge, at the SEC's website www.sec.gov, by accessing OI's website
at www.OICO.com under the heading "About OI" and then under the
link "Investor Relations" and from O.I. Corporation by directing a
request to O.I. Corporation, 151 Graham Road, P.O. Box 9010,
College Station, Texas 77842-9010, Attention: Laura Hotard.
ITT and O.I. Corporation and their respective directors and
executive officers and certain other members of management and
employees may be deemed to be participants in the solicitation of
proxies in respect of the proposed transaction. You can find
information about ITT's directors and executive officers in its
definitive proxy statement filed with the SEC on March 29, 2010.
You can find information about O.I. Corporation's directors and
executive officers in its definitive proxy statement filed with the
SEC in connection with the proposed transaction on October 14,
2010. Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, will be contained in
the proxy statement and other relevant materials to be filed with
the SEC when they become available. You can obtain free copies of
these documents from O.I. Corporation using the contact information
above.
Investor Relations: Bruce Lancaster Chief Executive Officer
& Chief Financial Officer 979.690.1711
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