Nice move:
Littlefield Corporation Announces Institutional Investment
Tuesday February 27, 9:25 am ET
AUSTIN, Texas--(BUSINESS WIRE)--Littlefield Corporation (OTCBB:LTFD - News) announces that it has agreed to sell 400,000 shares of its common stock to funds affiliated with Value Fund Advisors, LLC of Tulsa, Oklahoma at a fifteen percent (15%) premium to its five (5) day average closing price. The purchase price is therefore $1.19/share.
In addition, the affiliated funds of Value Fund Advisors, LLC will also purchase 100,000 shares of common stock of Littlefield in the open market for cash over the next three (3) months.
The total stock ownership of funds affiliated with Value Fund Advisors, LLC will therefore be 500,000 shares when their purchase program is completed.
The Company will make an SEC Form 8K filing on this transaction. The transaction will close this week.
Jeffrey L. Minch, President and Chief Executive Officer of Littlefield Corporation, offered the following comments:
"Value Fund Advisors, LLC represents the kind of institutional owner who can provide Littlefield with a stable base of ownership as well as a font of wisdom on financial issues which will be useful to tap as the Company continues to grow. While there are no guarantees in this deal, they may also represent a substantial source of follow on financing which may facilitate larger acquisition transactions in the future.
The fact that they were willing to pay a premium and to acquire shares in the open market for cash is an indication of the seriousness of their investment and separates them from many other similar institutions who seek a discount in similar transactions. This is clearly a vote of confidence.
This is consistent with recent initiatives of the Company which has begun to seek out institutional ownership; communication with nano-, micro- and small-cap funds and investors; more public dissemination of information about the Company through attendance at targeted conferences and the prospective retention of an investor relations firm."
Investors are always cautioned to be careful in drawing conclusions from a single press release, the Company's performance in a single quarter or the individual opinions of any member of the Company's management in making their individual investment decisions.
Littlefield Corporation, acting through appropriately formed and licensed corporate subsidiaries, is the largest owner of charitable bingo halls in the United States with a total of thirty (30) bingo halls in Texas, South Carolina and Alabama.
In accordance with the safe harbor provisions of the Private Securities Reform Act of 1995: except for historical information contained herein, certain matters set forth in this press release are forward-looking statements that are subject to substantial risks and uncertainties, including government regulation, taxation, competition, market risks, customer attendance, spending, general economic conditions and other risks detailed in the Company's Securities and Exchange Commission filings and reports.
Contact:
Littlefield Corporation, Austin
Cecil Whitmore, 512-476-5141
Financial Analyst, Investor Relations
fax: 512-476-5680
cwhitmore@littlefield.com
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Source: Littlefield Corporation
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