Plasticon International Inc. to Retire 200 Million Shares
8/24/2005 8:30:24 AM
LEXINGTON, Ky., Aug 24, 2005 (PRIMEZONE via COMTEX) -- Plasticon International Inc. (Pink Sheets:PLNI) is pleased to announce that their Board has approved the retirement of 200 million shares, the first step in a process designed to decrease the total outstanding shares and increase shareholder value.
"We believe that the retirement of shares will add tremendous value for our shareholders," said Jim Turek, President and CEO of Plasticon International. "This is the first step in a share restructuring process. The restructuring will be reflected in a share price that is more truly representative of the actual value of Plasticon's shares. We firmly believe that this is in the best interests of both our shareholders and the company."
Mr. Turek added that Plasticon International is committed to a program designed to enhance shareholder value through a comprehensive strategy, starting with this initial retirement. As a part of this restructuring strategy, the Company plans to undertake a buy back program for still additional outstanding shares.
The retirement of 200 million shares is in addition to positive earnings. Plasticon recently announced that it is profitable as of the second quarter in 2005. "We believe that the retirement of shares will be significant as the first step in a process that should result in a better reflection of the value of Plasticon's shares," Mr. Turek concluded.
The Company will be featured on Investor's Business Daily web site for 30 days starting Monday, August 22, 2005: investors.com.
For more information about Plasticon International, please visit the Plasticon International web site at www.plasticonintl.com.
About Plasticon International, Inc.
Plasticon International (www.plasticonintl.com) designs, produces, and distributes high-quality concrete accessories, transportation signage, plastic lumber, and office supplies which are all produced from recycled and recyclable plastics. Plasticon is a leader, an innovator of cutting edge design, engineering, and production of industrial and commercial products. Plasticon is a green Company, environmentally-friendly, using recycled plastics to produce its line of products.
Plasticon International, Inc.
Jim Turek, President and CEO
3166 Custer Drive, Suite 101
Lexington, Kentucky 40517
web site: www.plasticonintl.com
SOURCE: Plasticon International, Inc.
Plasticon International, Inc.
Investor Relations:
Matt Maguire
(866) 843-2775
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