GVI Security Solutions Purchases Shares Under Stock Re-Purchase Plan
May 27, 2009 10:17:00 AM
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View Additional ProfilesCARROLLTON, Texas, May 27 /PRNewswire-FirstCall/ -- GVI Security Solutions, Inc., (OTC Bulletin Board: GVSS), a leading provider of video security surveillance solutions featuring the complete Samsung Electronics line of products has repurchased 900,000 shares at $0.25 per share ($225,000 in the aggregate) under the terms of the previously announced $1,000,000 stock re-purchase plan authorized by the Company's board of directors, from Mr. Richard Kall under which he is restricted from selling any of his 1.2 million additional shares for a period of six months followed by additional ongoing volume restrictions.
"We retired a significant block of shares using a portion of our authorized purchase allocation below current market price with additional restrictions on Mr. Kall's remaining 1.3 million shares," said GVI Chairman and CEO Steven E. Walin. "We believe that this removes a potential overhang on our shares as we move forward into a new phase for GVI following our initial acquisition announcement last week. By approving this repurchase the GVI Board of Directors reaffirms its belief that our shares are undervalued."
About GVI Security Solutions, Inc.
GVI Security Solutions, Inc. (OTC Bulletin Board: GVSS) is a leading provider of video surveillance and security solutions, with sales and service representation throughout North, Central and South America. The company provides Samsung Electronics and GVI branded products, software and services to the Homeland Security and Commercial markets. Their customers include governments, major retail chains, leading financial institutions and public and private school systems.
Forward-Looking Statements:
Some of the statements made by GVI Security Solutions, Inc. in this press release are forward looking in nature. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. GVI Security Solutions, Inc. believes that its primary risk factors include, but are not limited to: reliance on primary supplier; concentration of customers; credit limits imposed by primary supplier; changes in the overall economy; outstanding indebtedness; rapid change in technology; the number and size of competitors in its markets; effective integration of recently acquired operations and personnel; expansion risks; effective internal processes and systems; the ability to attract and retain high quality employees; control of the Company by principal stockholders; law and regulatory policy; the mix of products and services offered in the Company's target markets; and other factors detailed in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2008 currently on file, as well as the risk that projected business opportunities will fail to materialize or will be delayed.
SOURCE GVI Security Solutions, Inc.
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Investor Contact
Leon Hamerling
Investor Media Group
+1-877-725-2500; or Company Contact
Esra Pope
GVI Security Solutions
+1-972-245-7353
