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| 8-K - CURRENT REPORT - Pharma-Bio Serv, Inc. | pbsv_8k.htm |
Exhibit 99.1
PHARMA-BIO SERV, INC.
DECLARES CASH DIVIDEND
DORADO, PUERTO RICO / ACCESSWIRE / October 4, 2018 / Pharma-Bio
Serv, Inc. (Pharma-Bio Serv or the Company) (OTCQB: PBSV), today
announced that its Board of Directors has declared a cash dividend
of $0.075 per share. The dividend is payable on October 26, 2018 to
shareholders of record at the close of business on October 15,
2018.
The Board will continue to evaluate the Company’s strategic
plan, which might include future acquisitions, sales of business
units, dividends or any combination of these opportunities while
continuing our stock repurchase plan.
"We are pleased with the financial condition of our company and the
recent successful sale of substantially all the assets of our
laboratory business. We are delighted to provide a dividend to our
many longtime and loyal shareholders," said Victor Sanchez, CEO of
Pharma-Bio Serv, Inc
The recent US Federal Tax Reform imposed on the Company a
onetime prepayment tax applicable to our existing non-US
subsidiaries undistributed earnings (the “E&Ps”.)
The impact of this legislation was a significantly lower tax rate
and provided the opportunity to repatriate E&Ps to the
Company. As a result, certain of our existing non-US
subsidiaries will repatriate monies to the Company to provide funds
for the cash dividend.
About Pharma-Bio Serv, Inc.
Pharma-Bio Serv is a compliance, project management, and technology
transfer support consulting firm, headquartered in Puerto Rico,
with operations in the U.S., Ireland, and Spain. Pharma-Bio Serv's
core business is FDA and other international regulatory compliance
agency related services. The Company's global team includes leading
engineering and life science professionals, quality assurance
managers and directors.
Forward-Looking Statements
This news release contains "forward-looking statements" within the
meaning of the U.S. federal securities laws, which statements may
include information regarding the plans, intentions, expectations,
future financial performance, or future operating performance of
Pharma-Bio Serv. Forward-looking statements are based on the
expectations, estimates, or projections of management as of the
date of this news release. Although Pharma-Bio Serv's management
believes these expectations, estimates, or projections to be
reasonable as of the date of this news release, forward-looking
statements are inherently subject to significant business risks,
economic and competitive uncertainties, or other contingencies,
which could cause its actual results or performance to differ
materially from what may be expressed or implied in the
forward-looking statements. Important factors that could cause
Pharma-Bio Serv's actual results or performance to differ
materially from the forward-looking statements include those set
forth in the "Risk Factors" section of Pharma-Bio Serv's Annual
Report on Form 10-K for the year ended October 31, 2017, and in its
other filings with the Securities and Exchange Commission, which
filings are available on www.sec.gov.
Pharma-Bio Serv disclaims any intention or obligation to update or
revise any forward-looking statements to reflect subsequent events
and circumstances, except to the extent required by applicable
law.
Company Contact:
Pedro J. Lasanta
Chief Financial Officer
787 278 2709
SOURCE: Pharma-Bio Serv,
Inc.