SW: GRPV NEWS!
Monday May 10, 8:23 am Eastern Time
Company Press Release
Group V to Initiate Stock Buy Back Program
Company will purchase up to 10 million outstanding shares
SAN FRANCISCO--(BUSINESS WIRE)--May 10, 1999--Group V Corporation (OTC BB: GRPV - news) announced today that it will initiate the stock buy back program approved at the Company's stockholders meeting in May of 1997. The Company will buy back up to ten million (10,000,000) of its outstanding shares.
The Company will purchase shares at market price from its extensive stockholder base. To reduce the costs associated with notification, the Company will endeavor to repurchase these outstanding shares prior to announcing the next stockholders meeting scheduled for later this year.
Group V Chairman and President, Joseph Monterosso explained, ''Initiating the stock buy back at this time will not only reduce the number of free trading shares outstanding, it will also reduce the considerable costs associated in communicating with such a large stockholder base. We will be able to better manage the base group and improve communication with our stockholders by buying back these shares. We also feel that with the imminent Company name change to TotalAxcess.com, Inc., this would be an ideal time to consolidate our investor base.''
Group V Corporation is a diversified telecommunications company specializing in some of the world's most profitable market segments including one plus, toll free long distance and pre-paid phone card products. Group V has created a network of complementary companies, many of which offer products and services of their own, many of which market, develop or deliver the products of companies within the Group V family. Effective May 15, the Company will change its name to TotalAxcess.com, Inc.
Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
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Contact:
Group V Corporation, San Francisco
John Steward, 415/575-0222
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More Quotes and News: Group V Corp (OTC BB:GRPV - news)
Related News Categories: computers, leisure/travel, telecom
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