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"..per the Board of Directors request, management will attempt to budget/spent up to 0.06 (cents per share) to purchase/buyback on the open market (of its shares) up to (25,000,000) twenty five million of its shares, thus further reducing the company's outstanding/float to 53,331,916 shares. "This directive reflects the continued commitment of First Guardian Financial Corporations management and Board of Directors to reduce the outstanding/float and restrict any dilution while creating maximum value for our current and future shareholders," said Abraham Rosenman, President.
At the same meeting, the board directed executive management to review its opportunities with Alliance Financial Services (they are under retainer to the company) to provide acquisition and/or merger funding via self liquidating zero coupon bonds, the process is very appealing as the bonds (AAA Rated) are purchased through brokers such as Merrill Lynch, Credit Suisse or other major brokerage houses and financed by The Bank of Israel or other major banking institutions and will provide another valuable source of financing for further growth, without diluting the company's shares.
"The Board of Directors has directed me to reduce the outstanding/float shares as much as I can to a pre forward split price of at least 0.90 to 1.00 per share, given this task I will continue to seek opportunities to reduce the outstanding/float shares as much as possible, while creating/increased revenues and value for the company," said Abraham Rosenman.
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