Anything Technologies Media Inc., Announces Stock Buy-Back Program to Reduce up to 400 million Shares of Company's Common Stock
PR Newswire
PLACERVILLE, CA, Aug. 11, 2015
PLACERVILLE, CA, Aug. 11, 2015 /PRNewswire/ - Anything Technologies Media, Inc. (OTC:EXMT) has announced that the company's Board of Directors have approved a stock buyback program expected to reduce approximately half of the company's float or approximately 400 million common shares of the company's stock. The company has already established a brokerage account to execute a plan to buy-back shares of its common stock from the public market, and reduce the float by approximately 50%. The Board of directors have agreed that a percentage of revenues derived from several projects that the company and that its wholly owned subsidiary, Frontier Indoor Garden Solutions, Inc. (FIGS), are expected to participate in throughout 2015 and 2016, will be utilized to remove shares from the open market and reduce the float and dilution of the company's common stock; EXMT.
As the company buys back stock in the open market it will have the shares pulled from the float in certificate form and thus have them removed from the float and the outstanding share total of the company. The decision to approve a stock buyback program by the company was made because the Board of Directors feels that the shares are undervalued and that the company is being shorted by market makers. The company will announce to the public when shares have been purchased and retired and expects to start the program within two weeks.
"Success breeds success," said ATM's President, Rick Wilson. "Our Board of Directors is dedicated to ensuring the long-term stability and growth of our shareholder value. The next 24 months of projected revenues presents an opportunity for us to improve our position, and we are going to act on it."
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