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Sterling Consolidated Declares Cryptodividend - Simultaneously Files Reg A
Sterling Consolidated Declares Cryptodividend - Simultaneously Files Reg A.
About this update from Sterling Consolidated Corp
[{"type":"text","content":"\n\n\n\nSterling Consolidated Declares Cryptodividend - Simultaneously Files Reg A\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSterling Consolidated Declares Cryptodividend - Simultaneously Files Reg A\nCompany unveils \"DiMO\", its own cryptocurrency, to be used on the forthcoming Decentralized International Marketplace for O-Rings\nPR Newswire\nNEPTUNE, N.J., Feb. 14, 2018\n\n\n\nNEPTUNE, N.J., Feb. 14, 2018 /PRNewswire/ -- Sterling Consolidated Corp. (OTC: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace, today declared a cryptodividend for a U.S. public company.  Each common shareholder of record as of October 26, 2018 will receive 950 DiMO tokens, the Company's internally developed and proprietary cryptocurrency, with a payment date of December 14, 2018.  The Company has also filed a Form 1-A with SEC to qualify a Reg A offering with a maximum raise of $50 million. \n\n\"The idea of a cryptodividend was developed by our CFO, Scott Chichester,\" said Sterling CEO Darren DeRosa.  \"We looked at what was happening in the ICO space and we wanted to distribute our token in a better way.  In a typical ICO or direct token offering the purchaser buys the cryptocurrency but does not generally get any equity and does not participate in the growth of the Company.  In our model, we distribute the cryptocurrency only to existing shareholders as a dividend for which no consideration is paid.\" \n\n \n\n\n\n \n\nSterling has continued its successful partnership with expert Blockchain tech agency, BlockchainDriven, which has developed and deployed the DiMO token on the Rinkeby testnet.  DiMO is an ERC20 compliant token on the Ethereum protocol.\n\n\"The development of our own cryptocurrency was a key part of our strategic plan,\" said CFO, Scott Chichester. We continue to execute on our goal to bring the exciting technology of the Blockchain and smart contracts to the o-ring industry.\"\n\nTo view our current Reg A filing which is pending regulatory review at the SEC, go...