Integrated Surgical Systems was incorporated in Delaware in 1990 and was founded to design, manufacture, sell and service image-directed, computer-controlled robotic software and hardware products for use in orthopedic surgical procedures. On June 28, 2007, the Company completed the sale of substantially all of its assets. After completion of the sale, the Company became inactive, and it is no longer engaged in any business activities related to its former business described above. On June 28, 2007, the stockholders approved the liquidation of the Company if the Company was unable to complete an acquisition or similar transaction within one year of the sale of its assets. With this approval, the stockholders also granted the Board of Directors the authority to delay, revoke or abandon any decision to liquidate without further stockholder action if it determined that the liquidation was not in the best interests of the Company or its stockholders. The Board of Directors has determined that it currently is not in the best interests of the Company and its stockholders to liquidate the Company. The Company’s current operations are limited to raising additional funds to be used to maintain the Company’s public company status and to complete a business combination or strategic alliance, if suitable candidate(s) are identified. On April 20, 2011, the Company purchased 363,636 shares of common stock of ClearSign Combustion Corporation, a privately-held Washington corporation (“ClearSign”), for an aggregate purchase price of approximately $1,000,000, or $2.75 per share, in connection with ClearSign’s private offering of up to $3,000,000 of its common stock. Due to a 1.25-for-one stock split, which occurred subsequent to this purchase, the Company now holds 454,545 shares of common stock of ClearSign at $2.20 per share. ClearSign is an early-stage clean energy company focused on developing technology to increase energy efficiency in most types of industrial combustion systems. On April 25, 2012, ClearSign completed an initial public offering of its common stock at $4.00 per share, pursuant to a registration statement which was declared effective as of April 24, 2012. The 454,545 shares of ClearSign common stock now owned by the Company were registered for re-sale pursuant to that registration statement. On April 24, 2012 the Company’s board of directors declared a dividend of 450,000 of the total amount of the shares of ClearSign common stock owned by the Company as a dividend to be paid pro rata to all the holders of the shares of common stock of the Company at the rate of 0.054 of a share for each issued and outstanding share of common stock of the Company. This dividend is to be paid on the basis of rounding up to the next highest number of whole shares of Clearsign on an aggregate holding basis of shares of common stock of the Company for each shareholder of the Company. The record date to determine the shareholders of the Company are entitled to the receipt of the dividend is May 09, 2012 and the payment date of the dividend is May 23, 2012.