Maybe .0001 is part of their buyback plan?
Oct 19, 2010 10:27:00 AM
2010 GlobeNewswire, Inc.
Close Ad
Email story | Discuss on ZenoBank | View more ads
DANVILLE, Calif., Oct. 19, 2010 (GLOBE NEWSWIRE) -- S3 Investment Company, Inc. (Pink Sheets:SIVC) today announced that the company has opened a brokerage account in order to initiate a share buyback plan that has been approved by S3's Board of Directors. The company is undertaking the buyback plan as a result of its belief that its common stock is undervalued at its current trading price, and as a result, the Board has authorized the repurchase of up to 500,000,000 shares of its common stock in the open market.
The share repurchase program is intended to be implemented through purchases made from time to time in the open market, and the amount and timing of specific repurchases are subject to market conditions, applicable legal requirements and other factors. The purchases will be funded from the company's cash resources and may be suspended or discontinued at any time. The Board may also consider the authorization of the repurchase of additional shares of common stock as market conditions warrant.
"Given the strength of the company's current operations and the future revenue growth expected from the expansion of our Redwood subsidiaries, the Board feels that the time is right to implement the stock repurchase plan," said S3 Investment Company Chairman and CEO Jim Bickel. "Our primary focus will continue to be on the business of our Redwood subsidiaries operating in the greater China market, but we will also monitor S3's common stock trading market on an ongoing basis and evaluate opportunities to improve the company's stock value."
The Redwood subsidiary expansion has included the establishment of the Redwood Asia Fund LP, to facilitate faster capital response to the financing needs of Redwood Capital clients and greater participation in clients' future growth; the formation of Redwood's risk investigation and evaluation division; and the opening of new offices in Ulaanbataar, Mongolia and Hong Kong. Additional acquisitions and subsidiary expansion are being considered as new opportunities present themselves. The company also expects additional news on the progress of current Redwood Capital clients seeking public company listing and financing transactions.
Mr. Bickel added, "None of Redwood's new subsidiary operations require significant capital commitment or a drain on current resources, so we see only upside in each of these areas. The Redwood network in and around China is growing, and we look forward to reporting even more progress in the coming weeks."
