Thursday, July 19, 2007

SL Community Store Selling Shares - Update

The Saranac Lake Community Store has issued a prospectus (available at Scott's Florist) and is selling shares in the store. You can also have a prospectus emailed to you by going here.

The Community Store is a tax paying C corporation. They propose to sell a minimum of 5,000 shares and a maximum of 6,000 shares with 100 shares being the maximum number a single person may purchase. The shares are only available to bona-fide residents of New York State. Investors investment will be held in a bank account until the minimum $500,000 has been raised. Every shareholder will be entitled to one vote for each share of stock owned. Obviously, if the store is successful and makes a profit, dividends will be declared by the board of directors. This will almost certainly take a few years.

The store expects to have a manager, an assistant manager/buyer, and 3-5 staff associates. Names of the officers and directors of the Community Store can be found on their website.

Saranac Lake and residents of the surrounding communities should be very thankful for the selfless volunteer work put into this project by some very experienced business people.

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