AcuMedSpa Holdings, Inc. (PINKSHEETS: AMSZ), a provider of Medical Aesthetic, Spa and Acupuncture services, announced it is initiating a share buyback program in order to lower the outstanding share count and increase shareholder value.
The company's board of directors is reviewing and wants to purchase shares of AcuMedSpa on the open market and would like to retire those shares back into the treasury. The goal of the program is to purchase up to 10 million shares which will be retired immediately in order to reduce the outstanding shares by the total amount of shares purchased. The current outstanding share total is 146,610,679.
In recent months the company has taken important steps to improve shareholder value by reforming the share structure. Both the outstanding and the authorized shares have been reduced, and decision making power has been given to shareholders over all major decisions including all future share structure changes.
AcuMedSpa Holdings President Gregory Antoine, stated, "This share buyback program is the latest in a series of actions we have taken in our ongoing effort to improve shareholder value. Many small company investors have grown accustomed to share dilution, but we are in effect doing the opposite of dilution by eventually reducing the outstanding shares." Mr. Antoine continued, "Reduced outstanding shares will benefit the shareholders in several ways and improves the company's financials. Calculating our earnings with a lower outstanding share total will increase our earnings per share and reflect better on the balance sheet."
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