Replies to post #1039 on Wall $t Banker$$ (BANKZ)

[micasey123]

EPYH +91%.I think it just a ploy for so the comp can dump their shares.

Empyrean Holdings Inc. Initiates $500,000 Stock Buy Back Plan
Wednesday June 15, 9:45 am ET


HOUSTON--(BUSINESS WIRE)--June 15, 2005--Empyrean Holdings Inc. (OTCBB:EPYH - News), a national real estate holding firm, has authorized the repurchase of up to $500,000 of the firm's outstanding stock. Over the next several months, Empyrean will carry out these purchases either on the open market or through private transactions.
Management believes that the firm's shares of outstanding common stock represent an excellent, and undervalued, investment and it would be prudent for the company to return these shares to treasury at this time.

CEO Robert L. Lee confirmed, "After conducting a close analysis, we have come to the conclusion that our current share price does not accurately reflect the value of the company. The market value of our real estate holdings significantly exceeds the market capitalization of the company. As a result, we believe it would be irresponsible if we did not buy back stock at this time. In fact, we would be foolish not to."

Depending on market conditions and other factors, these purchases may be commenced or suspended at any time without prior notice. The shares of common stock are being purchased to return the shares to treasury for corporate purposes and to improve the company's financial position. In the meantime, Empyrean's real estate analysts will continue to evaluate and acquire promising high return investment properties in the hottest markets throughout the country.

Note: "Safe Harbor" Statement Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.



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Contact:
Empyrean Holdings Inc., Houston
Robert L. Lee, 713-260-7236
www.epyh.com