Tuesday, October 04, 2011 9:30:52 AM
NEW YORK, Oct 04, 2011 (BUSINESS WIRE) -- WebMediaBrands Inc. (WEBM) today announced that its Board has approved a stock repurchase program whereby WebMediaBrands may repurchase its common stock from time to time in the open market or through privately negotiated transactions. WebMediaBrands intends to finance the repurchase of its stock with cash and purchases will not be made if they would reduce WebMediaBrands cash below $1.2 million. The purchase plan is expected to continue indefinitely and the amount of purchases will depend on cash available and other investment and business opportunities.
Alan M. Meckler, WebMediaBrands' Chairman and Chief Executive Officer, stated that, "In the opinion of WebMediaBrands' Board and management, the underlying business of WebMediaBrands is worth considerably more than is reflected in its current share price. If we are correct in our opinion, repurchases should enhance the intrinsic per-share value of WebMediaBrands shares and benefit shareholders who retain their interests."
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