iTalk Inc. (fka TALK)

[wilma6311]

1man...13D is not used for repurchases. Repurchases are announced on quarterly or year end filings.

Reporting requirements related to repurchases

All issuers that are subject to the Exchange Act reporting requirements must report their stock repurchases in their Forms 10-Q and 10-K. Item 703 of Regulation S-K requires that an issuer disclose in tabular form (a) the period of purchases, by month; (b) the total number of shares repurchased during the past quarter, separated by month; (c) the average price paid per share; (d) the number of shares that were purchased as part of a publicly announced repurchase plan; and (e) the maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs.

For publicly announced repurchase plans, the issuer is also required to disclose (by footnotes to the table) the following information: (a) the announcement date; (b) the share or dollar amount approved; (c) the expiration date (if any) of the plans or programs; (d) each plan or program that has expired during the period covered by the table; and (e) each plan or program terminated prior to expiration or the program.

Repurchase programs should also be discussed under the issuer’s management discussion and analysis (MD&A) disclosures. The reasons for embarking on the program are material and relevant to the issuer’s plans of operations and belief in the value of the company. In addition, the use of cash for such a program is material to the liquidity discussion.

The Author

Attorney Laura Anthony