Video River Networks & its Subsidiary Drone Guarder Announce Special One-time Dividend

Rhea-AI Summary

Drone Guarder, Inc. (OTC: DRNG) announced a one-time special dividend of 439,097,990 shares to reward its common and preferred shareholders, with common stockholders receiving 261,175,554 shares and preferred stockholders 177,922,436 shares. This dividend is part of the company's restructuring following its acquisition by Video River Networks. The dividend will be payable on or after September 30, 2021, to those on record by the close of business on August 31, 2021. Video River Networks (OTC: NIHK) will also redistribute its received shares from DRNG to its shareholders.

Positive

• Special dividend of 439,097,990 shares, rewarding loyal shareholders.
• Common stockholders receive 1 additional share for every 10 shares owned.
• Company restructuring after acquisition may enhance operational efficiency.
• New CEO's focus on financial flexibility for growth and acquisitions.

Negative

• None.

TORRANCE, Calif., Aug. 11, 2021 /PRNewswire/ -- Drone Guarder, Inc. (OTC: DRNG) has announced a special one-time dividend of 439,097,990 shares of its stock payable to both common and preferred stockholders. Stockholders of common stock will receive 1 additional share of DRNG for every 10 shares owned. Common stockholders would receive a total of 261,175,554 shares, and Preferred stockholders would receive a total of 177,922,436 shares.

With this special dividend, Drone Guarder is rewarding its common and preferred shareholders for their diligence as the company pursued a restructuring program designed to unburden itself from the decisions of its previous management. Drone Guarder was recently acquired by Video River Networks and is in the process of becoming current with OTC Market regulations. The company's new CEO Frank Igwealor said, "We believe it is productive to reward faithful and loyal shareholders with additional shares of the company at this time."

Video River Networks (OTC:NIHK), has also authorized the redistribution of the dividends it would receive from DRNG directly to its stockholders. The company will redistribute shares received from DRNG to its shareholders at a ratio of 1 share of DRNG for each share of NIHK held.

Its CEO added, "Our new structure will provide Drone Guarder with the financial flexibility to make opportunistic acquisitions and share repurchases, while we organically grow our drone and AI businesses through acquisitions that meet target return thresholds."

Both companies' dividends are payable on or after September 30th, 2021, to shareholders of record at the close of business on August 31, 2021.

About Video River Networks, Inc.

Video River Networks, Inc. is an Electric Vehicles and Battery Technology holding company that operates and manages a portfolio of Electric Vehicles, Artificial Intelligence, Machine Learning and Robotics ("EV-AI-ML-R") assets, businesses and operations in North America. The Company's current and target portfolio businesses and assets include operations that design, develop, manufacture and sell high-performance fully electric vehicles and design, manufacture, install and sell Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices mostly engineered through Artificial Intelligence, Machine Learning and Robotic technologies. NIHK's current technology-focused business model is a result of our board resolution on September 15, 2020 to spin-in/off our specialty real estate holding business to an operating subsidiary and then pivot back to being a technology company. The Company has now returned back to its original technology-focused businesses of Power Controls, Battery Technology, Wireless Technology, and Residential utility meters and remote, mission-critical devices. For more information and the latest updates check the company's Twitter account at https://twitter.com/NIHKEV 

CONTACT:
Video River Networks, Inc.
370 Amapola Ave., Suite 200A
Torrance, CA 90501
contact@videorivernetworks.net 

View original content:https://www.prnewswire.com/news-releases/video-river-networks--its-subsidiary-drone-guarder-announce-special-one-time-dividend-301353386.html

SOURCE Video River Networks

FAQ

What is the special dividend amount declared by Drone Guarder (DRNG)?

Drone Guarder declared a one-time special dividend of 439,097,990 shares.

When will the dividend for DRNG be payable?

The dividend will be payable on or after September 30, 2021.

What ratio will common stockholders receive in the DRNG dividend?

Common stockholders will receive 1 additional share of DRNG for every 10 shares owned.

How will Video River Networks (NIHK) handle the dividends from DRNG?

Video River Networks will redistribute the dividends it receives from DRNG directly to its stockholders at a ratio of 1 share of DRNG for each share of NIHK held.