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Thursday, September 11, 2008 2:40:18 PM
ValueRich, Inc. Announces Results of Operations for Second Quarter 2008 and Stock Buyback Program
ValueRich, Inc. (AMEX:IVA), a diversified financial media company, today announced the results of its operations for the three- and six-month periods ended June 30, 2008.
Net Loss for the quarter ended June 30, 2008 decreased to approximately $(190,000) from $(421,769) for the same period ended June 30, 2007. The decreased loss was primarily a result of a decrease in operating expenses and to a lesser extent professional fees resulting from a revision of the financial expo line of business and shifting ValueRich magazine to an online publication. Due to the overall market conditions and current economic environment ValueRich, Inc. generated no revenue for the three months ended June 30, 2008.
ValueRich also announced today that its board of directors has authorized the repurchase of up to $400,000 of ValueRich (AMEX:IVA) common stock. Shares may be repurchased under the program from time to time in the open market, in privately negotiated transactions or in other ways. ValueRich will decide on purchases based on market conditions and other relevant considerations.
“We believe the current valuation of ValueRich common shares makes the repurchase of our equity a solid investment for the company and will be accretive to shareholder value,” said Joseph Visconti, President and CEO of ValueRich, Inc.
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