|By Marketwired .||
|September 19, 2013 04:00 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 09/19/13 -- GreenStar Agricultural Corporation (TSX VENTURE:GRE) ("GreenStar" or the "Company"), a processer of agricultural products such as canned fruits and vegetables for distribution to international and domestic markets, today announced a dividend of C$0.01 per common share with respect to the third quarter of 2013. The dividend record date is September 30, 2013 and the dividend payment date is October 31, 2013. The dividend will be payable in Canadian dollars or, at GreenStar's option, in Chinese Renminbi equivalent for shareholders resident in China based on the Bank of Canada noon rate on the third business day prior to the payable date.
-- Dividend Per Common Share: C$0.01 -- Ex-Dividend Date: September 26, 2013 -- Record Date: September 30, 2013 -- Payable Date: October 31, 2013
GreenStar also announced that based on the Company's record breaking first half financial results, GreenStar's Board of Directors has decided to revise its dividend policy by aiming to increase its dividend by 50%, from $0.04 annually to $0.06, for the 2014 fiscal year.
Commenting on the boost in dividends for 2014, Mr. Guan Lianyun, President and CEO of the Company, stated, "We were pleased with our financial performance in the first half of 2013, having significantly exceeded our 2012 financial results across all key metrics. We want to share our success with our shareholders and have therefore decided to adopt an increased dividend policy."
GreenStar operates two main divisions, agricultural and food processing. The agricultural division is involved in the cultivation and harvesting of agricultural products such as fresh fruit and vegetables, for sale either directly as fresh fruit and vegetables or canned, and sold overseas and domestically. The food processing division is primarily involved in the processing of canned food, which includes canned tomato paste, canned boiled bamboo shoots, canned oranges, canned peaches and various other types of fruits and vegetables.
GreenStar has been operating for over 19 years. Through the application of science and technology in production, quality control and assurance, and business operations and management, GreenStar has focused on maintaining product and reputational excellence with a high standard of food quality. Key assets include a well established management team, modern production facilities, and a close partnership with local farmers.
GreenStar Agricultural Corp. is listed on the TSX Venture Exchange under the symbol "GRE".
Neither the TSX Venture Exchange nor its Regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Information:
Certain statements in this press release may constitute ''forward looking'' statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. When used in this press release, such statements may use such words as ''may'', ''will'', ''expect'', ''believe'', ''plan'' and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. Forward looking information in this press release includes managements plan to pay dividend and the expected record date and payable date for the dividend, and management's expectation of increasing dividend payment for 2014. These forward looking statements involve a number of risks and uncertainties. Some of the factors that could cause actual results to differ materially from those expressed in or underlying such forward looking statements are the effects of, as well as changes in: international, national and local business and economic conditions; political or economic instability in the Company's markets; competition; legislation and governmental regulation; and accounting policies and practices. The foregoing list of factors is not exhaustive. Please see the Company's annual MD&A dated April 25, 2013, available on www.sedar.com, for a more detailed description of the risk factors. The Company undertakes no obligation to update publicly or revise any forward looking information, whether a result of new information, future results or otherwise, except as required by law.