Cienega Creek Holdings, Inc. (CCKH) Completes Share Buyback and Announces Strategic Business Changes
Wednesday March 4, 2009, 11:14 am EST
Cienega Creek Holdings, Inc.
TUCSON, AZ--(MARKET WIRE)--Mar 4, 2009 -- Cienega Creek Holdings, Inc. (OTC BB:CCKH.OB - News), an Arizona-based holdings company, is pleased to announce the completion of a privately negotiated stock repurchase agreement for 75% of the company's outstanding stock. Under the terms of the agreement, the company acquired 7,000,000 shares from the estate of its former director and retired the shares through cancelation resulting in a reduction in the number of outstanding shares. The result of the transaction leaves the company with 2,294,250 outstanding shares of which 895,250 are free-trading and unrestricted.
Michael Klinicki, president of the company, stated, "Shareholder value was the driving force behind the purchase. We are committed to providing our shareholders with the very highest value for their investment and I think our record speaks for itself. Our company remains completely debt free, has no short or long-term liabilities, and has enough cash on hand for us to meet our business needs and redirect operations over the next year to obtain profitability."
The company also announces a strategic business change in its focus from retail and service lines of business to technology and manufacturing. Mr. Klinicki stated, "Given the weak retail market and the high degree of risk currently associated with traditional store-front endeavors, it made sense for us to look in a new direction. With change comes opportunity. As part of the redirection, we are currently in discussions with other businesses regarding the possibility of merger. We plan to release more details of these changes soon."
About Cienega Creek Holdings, Inc.:
Located in Tucson, Arizona, Cienega Creek is a holdings company which specializes in technology and manufacturing.
Please visit www.cienegacreek.net
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