St. Joseph, Inc. reported that a large shareholder had agreed to convert their entire holding of Series A $3.00 convertible preferred stock to common shares. Owning 330,000 shares, the shareholder converted to common stock at a one for one exchange rate.
The common stock will continue to pay dividends at a rate equal to the dividend on the preferred stock issue. The exchange represents 85% of the outstanding shares of the Series A $3.00 convertible preferred stock.
Gerald McIlhargey, the President of St. Joseph, Inc. said, “The conversion by the largest shareholder of series A preferred stock is another in a series of optimistic steps within the Company.”
Headquartered in Tulsa, Oklahoma, St. Joseph, Inc. owns an information technology staffing business and was founded under the name Confidential Search in 1979. It changed its name to Staf*Tek in 1995. Staf*Tek provides information technology professionals to companies on a full and part time basis. Some of the positions it fills include Database Analysts, Programmers, Web Developers and Project Managers.