Bureau Director Carole Huberman-Talerico said, "We chose Xcitek.comâs web-based solution because it is affordable and tremendously reduces the amount of time needed for our staff to calculate dividend earnings for unclaimed property owners."
Last year Pennsylvania Treasurer Barbara Hafer received legislative authority to liquidate in unclaimed securities. In Feb. 2003, Treasury liquidated more than $72 million in securities that had been accumulating since 1991 and will continue to liquidate newly received unclaimed securities on a regular basis. Owners of liquidated securities who are found or come forward to claim their securities are entitled to the cash value of the securities at the time of liquidation, plus the dividends earned while the securities were held by Treasury. "To calculate those dividends," Huberman-Talerico added, "we will use Xcitekâs Income Audit service."
"We are very excited to be announcing yet another client licensing Xcitek.com," says Brendan P. Farrell, Jr., Managing Partner of Xcitek.com. "Our service provides a wide array of market data under a single platform enabling subscribers to benefit from a cost-effective solution while streamlining their operations."