Infrared Geological Technologies (IGT) has been using the residual dividend policy in the past to determine its per share dividend. The firm’s management has decided that it will now change this dividend policy. The new policy will be a much lower dividend per share than last year of only $1.00. However, if the firm has considerable excess cash, the firm will consider paying a onetime extraordinary dividend or repurchasing stock.

You have been retained by the firm to write the press release for this change in dividend policy.

Compose a half-page press release.