IPEI- Stock buy back news
Imperia Entertainment Announces Stock Buyback Plan
Mar 19, 2007 8:00:00 AM
2007 PrimeNewswire, Inc.
BEVERLY HILLS, Calif., March 19, 2007 (PRIME NEWSWIRE) -- Imperia Entertainment, Inc. (Pink Sheets:IPEI) announced today that its board of directors has approved a $500,000 plan to buy back company stock on the open market to reduce the outstanding shares and enhance shareholder value. The plan calls for the company to repurchase on the open market up to $500,000 of its stock, from time to time, at the discretion of management. The company reserves the right to modify the plan, depending on market conditions. The plan will commence approximately two weeks after the company's closing of a $10 million bond deal with Nexxus One Capital Trust of Switzerland, A.G. The bond is expected to close next week, and the company intends to monetize the bond within two weeks after closing.
"We feel that the market has discounted the price of our shares too steeply, and that a share buyback program would enhance shareholder value, restore shareholder confidence, and would be a good use of a portion of the capital we see from the bond financing," said Kenneth Eade, Company Chairman and Acting CEO. "With this share repurchase program we are affirming our confidence and optimism in the long term future of the company," he added. "I would also like to add that the company has no plans to do a reverse split of its stock at any time in the future, and this would not make any sense given our current buyback strategy," said Eade. |
