Could QRVI be next????
HEATHROW, Fla., Jan 25, 2007 /PRNewswire-FirstCall via COMTEX/ -- The Board of Directors of Ultimate Franchise Systems, Inc., (Pink Sheets: UFSJ) announced today that it is updating the progress of its common stock repurchase program that had been ongoing since announced on November 2, 2006.
The company stated that 553,700 shares of UFSJ common stock will be retired to the treasury thus reducing the amount of shares in the public float.
Christopher Swartz, UFSJ President and CEO stated, "We are very pleased with the stock repurchase program and believe it shows Ultimate Franchise System's commitment to improve shareholder value. While the company will continue to use its resources to build our core business model, we also recognize that we must be aware of the public market and the value that UFSJ shares are trading for. We believe this is a very positive first step and plan to continue our stock repurchase program."
UFSJ stock closed yesterday at $.38 cents per share.
About Ultimate Franchise Systems, Inc.
Ultimate Franchise Systems, Inc. (UFSJ) is a venture management company that develops ownership positions with mid-sized businesses, primarily in the restaurant industry. UFSJ operates from four distinct platforms that diversify the company's revenue streams, while providing a myriad of organizational practices to support UFSJ affiliates. UFSJ guides affiliates in building a more significant infrastructure, refining and strengthening their competitive stance, and increasing the value of their brand affiliation, which leads toward Ultimate's goal of building a broad-based portfolio of growth and diversity.
