UTDT looking good since recent 2 million shares buyback announced
United Trading.Com Announces Stock Buyback Plan of Up to 2 Million
Shares
Company Will Return Shares to Treasury
IRVINE, Calif.--(BUSINESS WIRE)--Nov. 1, 2000--United Trading.Com (OTCBB:UTDT - news) Wednesday announced that its board of directors has
approved a stock buyback plan of up to 2 million shares of the company's issued and outstanding common stock in the open and private markets.
The purchased shares will be returned to the company's treasury.
``The result of the stock buyback plan of up to 2 million shares will be a reduction in the outstanding shares of United Trading.Com,'' said Norman Wright, president
of the company.
``The company reported record 3rd quarter earnings of $1,321,114 pre-tax ($964,114 after taxes)(see news release Oct. 18, 2000). We find the current market
price is an opportunity to deploy our capital efficiently by buying our own stock. This action is consistent with the company's continued efforts to increase
shareholder value,'' added Wright.
About United Trading.Com
The company is engaged in development and sales of licenses for its leading edge proprietary software for Internet casinos and sportsbooks and is currently testing
software for a new major Internet lottery site expected to be announced shortly.
In addition, the company is engaged in international business-to-business e-commerce currently through its Internet sites including estate brand specialty coffee and
wholesale black pearls.
Estimates for the international Internet gaming market by Bear Stearns and others are in excess of $10 billion annually, while estimates of total international lottery
sales are in excess of $200 billion annually.
Coffee is the world's second largest commodity with an annual market estimated at $20 billion while the market for black pearls from the Cook Islands and Tahiti is
estimated at $100 million annually.
The total international business-to-business e-commerce market has been estimated by International Data Corp. to be approximately $500 billion in 1999 growing to
more than $2 trillion in the year 2003.
The company is focusing on high profit potential market niches with physical presence in Costa Rica (The Americas Portal), Cook Islands (Asia Portal) and
Liechtenstein (Europe, Middle East & Africa Portal). To learn more about United Trading.com and review previous news releases see unitedtrading.com
or contact Summa Capital at 877/370-4318 or e-mail DavidB@summacapitalinc.com.
This statement includes projections of future results and ``forward-looking statements'' as that term is defined in Section 27A of the Securities Act of 1933 as
amended (the ``Securities Act''), and Section 21E of the Securities Exchange Act of 1934 as amended (the ``Exchange Act''). All statements that are included in this
release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual
results to differ materially from the expectations are disclosed in this statement, including, without limitation, in conjunction with those forward-looking statements
contained in this statement. The company disclaims any obligation to update forward-looking statements. |
