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Microcap & Penny Stocks : ACRT about to move to new highs -- Ignore unavailable to you. Want to Upgrade?

To: Ryan Plovie (Hijacked) who wrote (6032)	7/1/1998 10:04:00 AM
From: Z man	Read Replies (1) \| Respond to of 7054

Let the Games Begin Wednesday July 1, 8:01 am Eastern Time Company Press Release SOURCE: Actrade International, Ltd. Actrade Starts 5 Million Dollar Buyback; Reflects Board's Belief that Stock is Undervalued NEW YORK, July 1 /PRNewswire/ -- Actrade International, Ltd. (Nasdaq: ACRT - news) today announced that, with approval of the Board of Directors, management has allocated $5 million to immediately begin a stock repurchase program. This action underscores the Company's belief that its common stock, which closed trading yesterday at $15.25, is an excellent investment. As of yesterday, the close of Actrade's fiscal year, the Company had cash (and equivalents) of approximately $12 million. Alexander Stonkus, Chief Operating Officer and Chief Financial Officer, said, ''Actrade's board of directors periodically reviews alternative uses of cash. This $5 million repurchase reflects our view that the stock is undervalued and our confidence in the fundamental strength of the Company. This repurchase still leaves us with ample cash to fund our daily operations and continued growth.'' ''Actrade now has agreements with a number of financial institutions that stand ready to purchase our Trade Acceptance Drafts. In effect, our TAD program will be self-funding because most of the TADs we will generate can be resold to a financial intermediary.'' Shares of Actrade's common stock may be purchased from time to time in the open market or through negotiated transactions as market conditions warrant. The Company anticipates that these repurchases will begin immediately. Mr. Stonkus went on to say, ''While the Company's primary focus continues to be on the growth of its TAD Program, the repurchase program is, in our opinion, an important balance in support of shareholder value.'' Based in New York, New York, Actrade International, Ltd., through its wholly owned subsidiaries, provides innovative financial services for US-based buyers and sellers of goods and services and for exporters and importers. Actrade Capital's patented Trade Acceptance Draft (TAD) Programs are a growing trade finance option for companies that want to receive immediate payment and offer their customers 3 to 12 monthly installments, subject to the terms of each transaction. Actrade International Corp. and Actrade SA provide outsourced international trade and finance services. A newly established division, Actrade Forfaiting, Inc. will develop and provide financing tools for companies trading outside the United States and for American exporters. Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties which are described in the Company's SEC reports, including the 10-KSB for the period ended June 30, 1997, and the 10-Qs for the periods ended September 30, 1997, December 30, 1997 and March 30, 1998. Information about Actrade's TAD Program, its export and trade financing services, financial tables, reports, press releases and sales contact information can be easily accessed at acrt.com. SOURCE: Actrade International, Ltd. ÿ ÿÿ