Have been following ETFC (Euro Trade and Forfaiting, Inc.) since early spring, and yesterday they announced a buy back program (found this and more info at averyltd.com) - here's a quote from their news release:
"ETFC has substantial cash reserves including continued profits from trade activities giving it the ability to fulfill a significant buyback program when suitable."
They also recently filed to go on Nasdaq, and announced year-end profits of $4.1 million.
They filed an amended Form 10 in September
(http://www.sec.gov/Archives/edgar/data/1075249/0001060277-99-000046-index.html)
A quote from it:
"Management believes that the Company is capable of expanding its forfaiting and structured trade participation businesses to over $200 million by the year 2000. Management anticipates that expansion can be accomplished by increasing the Company's marketing and trading activities. This expansion, which will lead to an increase in the size of the Company's trading portfolio, will be financed through the extension of borrowing facilities on predominantly asset backed borrowing facilities available from banks.
The Company intends to market to European exporters the ability to finance exports to Indonesia. Additionally, the Company intends to develop the ability to exchange trade debt purchased at a discount for other assets, initially in Indonesia where the Company has experience and a market base. If successful, the Company will consider expanding to other markets."
Interested in other thoughts on this -- good investing. |
