NEPTUNE, N.J, — Sterling Consolidated Corp. (OTC: STCC) (The Company), a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years, and creator of the blockchain based DiMO Token, today shared news regarding its cryptodividend.
The Company today announced that they are revising the record date and distribution date of the previously declared cryptodividend of the Company’s proprietary cryptocurrency, DiMO.
“The cryptodividend requires a certain technological implementation by blockchain programming specialists,” said Company CFO, Scott Chichester.
“We have had conversations with our transfer agent and blockchain developers regarding the mechanics of the dividend distribution and getting this unique asset to our shareholders. At the moment we are still negotiating a received proposal on the dividend distribution from a New York blockchain development company, and while we are disappointed that we did not meet our previously announced record and distribution date, we feel it is more important to give the development team ample time to get the technology correct.”
The Company expects to announce a revised record date and distribution date before the end of the fourth quarter after it signs an agreement with a blockchain development firm.
Mr. Chichester added, “Our overall strategy remains the same. We are moving forward with our pending Regulation A filing, our acquisition roll-up strategy, and bringing blockchain technology to the gasket and seal industry.”
For more information on the DiMO Token, consolidation strategy, Reg A filing and company history, visit: http://investor.sterlingconsolidated.com
About Sterling Consolidated Corp.
Sterling Consolidated Corp., through its wholly-owned subsidiary, Sterling Seal and Supply is a leading supplier of hydraulic and pneumatic seals to the automotive and industrial marketplace for almost 50 years as well as an approved supplier to Amazon and Walmart. The Company has 5 locations throughout the USA, and plans to acquire more through its ongoing acquisition strategy. The Company is also the creator of the DiMO, a blockchain based cryptocurrency, that they hope brings an edge to the industry and improves overall profits and efficiencies through the use of smart contracts.
SOURCE Sterling Consolidated Corp.