SPWP Approves 60 Million Share Repurchase Plan
Monday November 8, 8:30 am ET
CLEARWATER, FL--(MARKET WIRE)--Nov 8, 2004 -- Summit National Consolidation Group, Inc. (Other OTC:SPWP.PK - News) announces the approval of a plan to purchase, from time to time in the open market, up to 60 million shares of the company's common stock over the next 6 months.
"The intent of the share repurchase program is to vote our confidence in the future of SPWP, to reduce the number of shares in circulation, and enhance shareholder value by increasing the demand for shares on the open market," said Mario Quenneville, President and CEO of SPWP.
SPWP plans to commence the repurchase of shares immediately and will continue such repurchases from time to time in the open market at prices and times deemed to be beneficial to the long-term interests of shareholders and the Company. The amount and timing of the repurchases will depend on the price of the Company's common stock and market and business conditions, including the amount and timing of acquisitions. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes.
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