SEATTLE, June 11, 2008 (PRIME NEWSWIRE) -- Timeline, Inc. (OTCBB:TMLN) announced that its shareholders have approved the liquidation of the company at its special shareholders' meeting yesterday. Today the Board of Directors approved the payment of an initial liquidating dividend. Shareholders of record on June 18, will receive a $0.45 per share initial liquidation dividend payable on or about June 25, 2008. The Company will file with the OTCBB to delist its shares as of the close of business June 17, 2008
"In addition, Acacia (Nasdaq:ACTG) now has 15 days in which to complete its due diligence on our patent portfolio. Should Acacia complete the purchase of our intellectual property portfolio under the existing agreement, we anticipate a second liquidating dividend will be paid to shareholders before the end of July," said Charles Osenbaugh, President of Timeline. In the event Acacia elects not to proceed, the Board will be free to renew its efforts to sell or license the patents to any interested party.
In its proxy materials dated April 30, 2008, Timeline indicated it expects to liquidate all remaining assets and pay all of its liabilities and obligations and then establish, if necessary, a contingency reserve to cover any unknown liabilities. It will then distribute the remaining amounts to shareholders when the Board of Directors deems it appropriate. Its liquidating dividends, including today's announcement of an initial $0.45 per share dividend, should total between $0.65 and $1.00 per share.
About Timeline
After 28 years of developing, marketing and supporting innovative software applications, Timeline, Inc. recently reorganized around a dedicated effort to license its intellectual property to the industry at large. In 2005 it completed the sale of its European subsidiary and the assets of its applications line of business. The company believed it was an inherent conflict of interest to market patented intellectual property to companies with which it competed on a day to day basis for end user software licensees. After selling the applications business, the company then focused solely on commercializing its patent portfolio. This effort was intended to maximize shareholder value and to allow the benefits of its prior innovations to reach a far greater audience than was possible through its own limited resources. Timeline can be reached at 206-357-8422 or on the web at www.tmln.com. The vast majority of Timeline's patents involve the automation of building and using data marts and warehouses with structures optimized for analysis on data originally housed in source on line transaction data stores. These 'pioneer' patents have been licensed to many of the thought leaders in analytic reporting including, among others, Oracle, Microsoft, Hyperion, Cognos, Group One, and Crystal (now Business Objects).
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