Stock still holding onto gains. presently. .14 x .20
Multimedia Concepts to Initiate Share Repurchase Program; Company to Buy Back Up To 10% of Shares Outstanding
NEW YORK--(BUSINESS WIRE)--April 5, 2001--Multimedia Concepts International, Inc. (OTC BB:MMCI) today announced that the Board of Directors has authorized the Company to repurchase up to (10%) of its common shares in the open market from time to time at prevailing market prices. The Company currently has 3,005,000 common shares outstanding.
These purchases are subject to, among other things, the share price and market conditions, and will be made in accordance with applicable laws and regulations. No time limit has been placed on the duration of the share repurchase program. The Company may use the repurchased shares for issuance upon exercise for corporate purposes.
"Our recent growth, coupled with management's confidence in the long term growth prospects of the Company and its interest in non-synergistic investment vehicles, lead us to believe that the repurchase of common shares at current price levels is an attractive investment for the Company and is also in the best interest of our shareholders," stated Ilan Arbel, President and Chief Executive Officer.
This press release contains forward-looking statements, which involve numerous risks and uncertainties. Actual results, performance or achievements could differ materially from those anticipated in such forward looking statements as a result of certain risk factors, including those set forth in the Company's filings with the Securities and Exchange Commission.
CONTACT:
DeMonte Associates
Cynthia DeMonte, 212/473-3700 (Investor Contact) |
