IBIZ BUYING BACK 50 MILLION SHARES OF STOCK...WOW!!!!!!!!!
WAKE UP TAKI...LOL
IBIZ TECHNOLOGY CORP Begins Stock Repurchase For Up to 50,000,000 Shares of its Common Stock
PHOENIX, Apr 10, 2002 /PRNewswire-FirstCall via COMTEX/ -- iBIZ Technology Corp. (iBIZ) (OTC Bulletin Board: IBIZ chart, msgs) today announced that it has begun a repurchase program for up to 50 million shares of its Common Stock through open market purchases. iBIZ's decision to implement such a program was based on the Common Stocks market price which management believes is undervalued.
Commenting on this repurchase program, Ken Schilling, iBIZ's President and Chief Executive Officer stated that, "We are extremely pleased to have begun implementation of a long term stock repurchase program. Reducing the public float and thereby increasing the treasury stock will have the effect of reducing the loss per share and demonstrates management's confidence in the companies' future. We see this stock repurchase program as a viable alternative to other more drastic measures to decrease the amount of shares in the public float. IBIZ has received partial payment on certain outstanding loans to fund this repurchase program. As the proceeds from the loan repayment continue, iBIZ may buy back up to 50,000,000 shares of common stock in the open market. Our intent is to complete the stock repurchase during this fiscal year, however, we will strictly adhere to SEC guidelines pursuant to limitations under rule 10b-18."
About iBIZ Technology
iBIZ is a leading manufacturer and distributor of accessories for personal digital assistant (PDA) and hand-held devices. iBIZ is recognized for innovative, high-quality, competitively priced products available through major retailers. For more information on iBIZ products and services, go to www.ibizcorp.com , email sales@ibizcorp.com, or call to 1-800 234-0707.
For further information, please contact Mark Perkins, Executive Vice President of iBIZ Technology |
