WebMediaBrands (WEBM)

[aquaspin]

WebMediaBrands Inc. Announces Plan to Repurchase Shares of Its Common Stock
Last update: 12/16/2010 11:10:00 AM
NEW YORK, Dec 16, 2010 (BUSINESS WIRE) -- WebMediaBrands Inc. (WEBM) today announced that it plans to begin a stock repurchase program whereby up to $2,000,000 worth of its common stock may be purchased from time to time in the open market.
Alan Meckler, WebMediaBrands' Chief Executive Officer, announced that the decision was made in view of the current price at which the Company's stock is trading. Mr. Meckler stated further that, "We believe that the true value of WebMediaBrands is not reflected in the current market price of its stock. WebMediaBrands has a solid working capital position and intends to finance the repurchase of its stock with cash." Mr. Meckler also noted that there are no specific plans for shares that are purchased.