Jane and all ***News release out**
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NEW YORK, Feb. 26 /PRNewswire/ -- Firamada, Inc.
(OTC Bulletin Board: FAMH) today announced its Board of Directors has
unanimously authorized corporate management to initiate a buy-back of up to
4 Million shares of common stock through a Repurchase Program.
This buy-back of the Company's common stock would reduce the public float,
and would equal nearly 10% of the total outstanding shares. It is a strong
indication of the Company's confidence in the current
growth-through-acquisition strategy.
Firamada President Ira Monas, speaking on the Company's strengthening of
its treasury stock holdings, said, "Having steadily accumulated a very strong
cash position, we are now going to take advantage of the greatly under-valued
market price of Firamada shares. This will allow us to sharply increase our
financial strength and enhance our corporate flexibility."
Mr. Monas concluded by saying, "We are rapidly establishing a record of
consistent growth through aggressive acquisition. This buy-back returns
shares to our treasury for pennies-on-the-dollar value. From the Company's
point of view, based on current revenues and projected growth for 1998, this
re-purchase of common stock is a tremendous bargain."
This press release contains forward-looking statements with respect to the
results of operations and business of the Company that involves risk and
uncertainties. Risks and uncertainties of the Company will be detailed from
time to time in the Company's periodic reports to be filed with the Securities
and Exchange Commission.SOURCE Firamada, Inc.
/CONTACT: Ira Monas, President of Firamada, Irafm@aol.com; or Preferred
Financial Marketing, 310-789-1132, or fax, 310-789-1134, for Firamada/ |
