Perihelion Global Files Amendment to Reduce Authorized Shares by 75,000,000; Announces Stock Buyback Program 2:33p ET August 27, 2007 (Market Wire)
Perihelion Global (PINKSHEETS: PHGI), a development company with interests in natural resources, alternative energies, and advanced communications, today announced that the company has filed an amendment with the Delaware Secretary of State to reduce the total authorized shares of the company to 425,000,000, a reduction of 15% from the current authorized share count. The company also announced that, effective immediately, officers and directors of Perihelion will be authorized to purchase common shares in the open market under a stock buyback program.
Perihelion management remains committed to supporting a strong share price, and the latest reduction in the authorized shares follows what the company believes has been a consistent policy to improve the capital structure of the corporation and enhance shareholder value. Over the last two weeks, the company, in cooperation with its transfer agent, has cancelled in excess of 10,450,000 shares. Further, when the Delaware Secretary of State amendment is confirmed and officially reflected in the state records, the company will have reduced the authorized share count by over 98.5% of the original figure inherited by the company as it went public in 2006. The company expects the amended figure to be reflected at the Delaware Secretary of State after 5pm EDT today.
In tandem with the share reduction amendment, Perihelion officers and directors have approved a share buyback program whereby management may, from time to time, purchase common shares in the open market as conditions warrant. The program will remain effective for a minimum of six months and does not specify a specific limit to the quantity of shares that may be purchased. To provide disclosure to shareholders, Perihelion intends to submit a summary of any purchases by officers or directors to the Pinksheets site at the end of any month in which there is activity under the program.
About Perihelion Global:
Perihelion Global focuses on the acquisition, development and management of technologies, strategic commodity reserves and assets in the energy, natural resource and communications markets. Perihelion's management team specializes in providing solutions for the strategic challenges of 21st Century. We lead with decades of experience in environments that are mission critical in today's global marketplace: Technology, Energy and Communications.
This press release contains historical information as well as forward-looking statements that are based upon our estimates and anticipation of future events that are subject to certain risks and uncertainties that could cause actual results to vary materially from the expected results described in the forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "hopeful," "intend," "may," "optimistic," "preliminary," "project," "should," "will," and similar expressions are intended to identify these forward-looking statements. There are numerous important factors that could cause our actual results to differ materially from those in the forward-looking statements. Thus, sentences and phrases that we use to convey our view of future events and trends are expressly designated as Forward-Looking Statements as are sections of this news release clearly identified as giving our outlook on future business.
These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following important factors that could affect the actual outcome of future events:
-- General economic conditions, either nationally or in our market area, that are worse than expected;
-- regulatory and legislative actions or decisions that adversely affect our business plans or operations;
-- price competition;
-- inflation and changes in the securities markets that adversely affect the fair value of our operations; and
-- changes in our organization, compensation and benefit plans.
We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and wish to advise readers that the factors listed above could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. We do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact: John H. Beebe Chairman, Chief Executive Officer & President Perihelion Global 866-748-7610 (Toll Free) x 719 john@perihelion.com
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