VANCOUVER, BRITISH COLUMBIA - (Marketwire - Sept. 4, 2008) - As previously announced on July 23, 2008, CloudBench Applications, Inc. (TSX VENTURE:CBH) (the "Company") intends to make a distribution of capital to its holders of Common shares ("Shares") as contemplated in the transaction with N. Harris Computer Corporation. Pursuant to an order of the Supreme Court of British Columbia made today, the Company announces that it has reduced its paid up capital by an aggregate amount of $1,183,488.54, and will be distributing such amount pro rata to the Company's shareholders of record as of September 15, 2008 in the amount of $0.06 per Share. The distribution will be made on or about September 15, 2008.
About CloudBench Applications, Inc.
CloudBench Applications, Inc. provides a web-based solution, called Local Government Manager, to meet the needs of local governments who wish to employ the growing SaaS (software as a service) software model, rather than an On Premises solution. Local Government Manager offers new levels of security, flexibility and efficiency for the permitting and inspections, code enforcement and planning needs of local governments.
Forward-Looking Statements
Certain statements in this news release are not historical and may constitute forward-looking statements reflecting CloudBench Applications, Inc.'s current expectation in the local government sector. These statements are subject to important risks, uncertainties and assumptions concerning future conditions that may ultimately prove to be inaccurate and may differ materially from actual events or results.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Email: droberts@cloudbench.com
Tags: ,Real Estate and Construction,Construction,DIVIDENDS
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