Thanks for keeping me straight with that info. I have a call in to the company as I hope they return my phone call. I think something major is going on with HCPC. I do think that ICIC will also have a major role somehow with a major HCPC move.
You just don't spend money doing this and making yourself subject to the very expensive Sarbanes Oxley requirements if you had small plans. Companies go to the pink sheets to keep from being subjected to the $500,000 or so costs associated. You just don't do that if you didn't have significant plans for moving forward.
As for the buyback, with the Insiders having a cost basis somewhere in the pennies, buying anywhere under their price levels will be considered a discount as they wouldn't care where shares are bought back because the bottom line would be enhanced valuation from reducing the OS. This is a huge show of confidence as what better way to spend profits than to spend it in yourself if you truly believe in yourself as a company.
I see why they say no reverse split. One would not be needed if you are going to buyback shares under your cost basis. The Insiders are in at much higher levels than where it's at now to the tune of pennies. Why would you hurt your position by destroying market sentiment when you can take 35% of “the company’s profits” to reduce the OS to instill valuation into your position? They see this as a marathon and not a sprint, but the buyback will transform this into a sprint for some. If I was an Insider, I would welcome a major buyback at any level below my cost basis for shares. As the price goes up, you would welcome sells as you continue to transfer shares into stronger hands. The float being reduced would warrant huge effects in price appreciation once everything is officially announced as shares are retired back to the Treasury.
I think HCPC is very serious where they previously stated that they believe they can deliver more than $740 million in projects for funding before year-end. Still, with taking under consideration the 21 clients that have signed contracts for funding with HCPC, it is worth well above the cost basis for the Insiders at a minimum. The end of year is nearing. We will soon see how serious their Institutional support is for closing these deals. It appears that they have a plan and are sticking to it. Also, something else key to note is the fact they they actually had a shareholders meeting to discuss their future. That is something that you just don't see from most penny stocks. I think HCPC really believes in what they are doing for their company and their shareholders.
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