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Frontier Adjusters: Declares $1.60 Distribution
Released by:
Strategic IR, Inc.
530 Fifth Avenue, 20th Floor
New York, NY 10036
(212) 391-4868
Frontier Adjusters of America Declares $1.60 Distribution
Phoenix, Ariz., June 15, 1999 - The Board of Directors of Frontier
Adjusters of America, Inc. (ASE:FAJ), declared a special distribution of
$1.60 per share on the Company's common stock, William J. Rocke,
chairman and chief executive officer, announced today. The distribution
is payable on July 12, 1999 to shareholders of record on June 25, 1999.
This distribution follows the expiration of a tender offer by the
Company to buy up to 1,000,000 shares of common stock from existing
shareholders at $2.90 per share. The tender offer expired at 9:00 p.m.
Pacific Time on June 10, 1999 and resulted in the acceptance for
purchase of 971,464 shares of Frontier stock by the Company.
Frontier Adjusters of America, Inc. licenses and franchises independent
claims adjusters throughout North America, with more than 670 advertised
locations in 50 states, the District of Columbia and Canada. The
Company also owns and operates independent insurance adjusting
businesses in Arizona and Nevada.
For more information at Frontier, contact:
Laurel Park, Assistant Controller
Phone: (602) 264-1061
End.