United Development International to Begin Share Buyback Program; Company Significantly Undervalued
By Staff
LAS VEGAS, Jan 20, 2005 (PRIMEZONE via COMTEX) --
United Development International (Pink Sheets:UDVE) will begin a share buyback program from the proceeds of its gemstone buying program.
The company believes that as a gold and diamond company, its shares are extremely undervalued. United is currently trading at 1 cent per share. With earnings from the gemstone program, the current share price is considerably low respecting that with gold and diamond mining companies, price to earnings ratio average is 10.
Newmont Mining (NYSE:NEM) is trading at price to earnings ratio of 41, Barrick Gold Corp (NYSE:ABX) is trading at price to earnings ratio of 71, Tiffany & Co (NYSE:TIF) is trading at price to earnings ratio of 22 and Aber Diamond Corporation (Nasdaq:ABER) is trading at a price to earnings ratio of 43.
United Development International, quoted on NQB Pink sheets as "UDVE", is committed to enhancing shareholder value.
CAUTIONARY STATEMENT: This news release may include forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act as amended, and/or the U.S. Private Securities Litigation Reform Act of 1995. All statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements that involve various risks and uncertainties. All forward-looking statements in this release are expressly qualified by this notice.
SOURCE: United Development International
United Development International, Inc.
Robert Doherty
(250) 319-3442
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