Replies to post #67952 on Protective Capital Structures Corp. (fka PCSO)

[fwhomeboy]

Heritage Capital Credit Corporation Announces Stock Repurchase Plan
Date : 10/09/2007 @ 9:15AM
Source : PR Newswire
Stock : (HCPC)
Quote : 0.0001 -0.0001 (-50.00%) @ 12:56PM
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Heritage Capital Credit Corporation Announces Stock Repurchase Plan





WILMINGTON, Del., Oct. 9 /PRNewswire-FirstCall/ -- Heritage Capital Credit Corporation (OTC:HCPC) announced that its board of directors has authorized a plan to buy back stock on the open market over the next year. The Company's plan includes using 35% of its income following each project funding to buy back stock.

The board's sentiment is that the current market price for the stock does not adequately reflect the intrinsic value of the stock and therefore, the Company should take advantage of the low price.

The Company expects to receive a 5% origination fee at the closing and funding of each commercial project. That cash revenue will be used for general and administrative expenses and to repurchase stock. The buy back is expected to reduce the number of shares outstanding, thereby increasing the value of the shares available. Revenues are expected to be generated by year end.

Shareholders have been asking if the Company is planning a stock reverse split. At this time, that is not in the plan. However, in the future it may be considered when a strategy is developed for moving up to a national stock exchange.