Vision Real Estate Management and Development to Buy Back 50 Million Shares
ALBANY, N.Y., Apr 23, 2004 (BUSINESS WIRE) --
Vision Real Estate Management and Development, Inc. (Pink Sheets: VRMD), today announced, Vision Real Estate Management and Development will buy in the open market up to 50 million shares of its publicly traded common stock.
"Based on the revenue and earnings that the real estate, trucking and mortgage divisions are currently bringing into our company, we believe that our stock price is severely undervalued," stated Daniel J. Duffy, Vice President of VRMD. "Therefore, in order to enhance shareholder value, the smartest place to put the company's money is in its own stock."
The stock buy back program will commence immediately. The stock that is purchased in the open market will be cancelled and returned to treasury. Therefore every share purchased by the Company will result in a reduction in the number of outstanding shares.
"A large percentage of the profit from each real estate transaction, as well as the earnings from the Mortgage and Trucking divisions will go towards the buyback of the Company stock," stated Donovan Rhoden, President of Vision Real Estate Management and Development. "The stock buyback program will benefit all shareholders by decreasing the number of outstanding shares and increasing each shareholders percentage of ownership in the Company."
Forward-Looking Statements the private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond control of the company, actual results may differ materially from the expectations expressed in the forward-looking statements.
SOURCE: Vision Real Estate Management and Development, Inc.
Vision Real Estate Management and Development
Daniel J. Duffy, 518-862-1676
Fax: 518-862-9247
WWW.VRMDCORP.COM
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