Replies to post #14681 on Ideal Financial Solutions, Inc.(fka IFSL)

[chrizzy]

i'm curious if they bought back shares like the Oct. PR said they were going to do.. We had a PR beginning of Nov.. about what they bought back in Oct.. but havn't heard anything about Nov. or Dec..I understood the Oct. 26th PR to say they were doing this for the next 6 months?

2009-10-26 06:00 ET - News Release

LAS VEGAS, Oct. 26, 2009 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (Pink Sheets:IFSL), a leader in personal cash-flow management and debt elimination services, has announced its plan to repurchase and retire common shares from the open market as revenue and profits continue to increase.

"As revenues continue to increase, management has decided to take a minimum of 3% of our monthly profits to be used to repurchase common shares from the open market and to retire those shares to treasury for the next six months," stated Ideal Financial Solutions Chief Financial Officer Kent Brown. "We believe that this is the right move for us as we have worked hard to pay down our debt and to continue to use our cash resources to build market share. Now we want to commit some of our cash to the repurchase of our stock."

"We remain committed to this company's long-term growth strategy and its shareholders," Brown added.

[babeemer]

To me that just contradicts the fact that they are buying back shares. It makes zero sense to buy back shares which cost them money but not retiring all or part of the A/S. Im sure they dont want to retire all of the AS as they might want to use some shares for a number of reasons but do they need 3.5 billion shares.