Commerce Planet, Inc. (CPNE.OB) announced that their Board of Directors have authorized a new stock repurchase program. Under the terms of this repurchase program, Commerce intends to repurchase an additional $2 million of the Company’s common stock from time to time through open market orders.
During Commerce’s first repurchase program, the company repurchased a total of 3.02 million shares, or approximately 6.2% of the Company’s 48,637,252 million outstanding shares. As a result, Commerce was able to reduce the number of outstanding shares to 45,616,252 as of December 31, 2007.
Tony Roth, CEO, stated, “We continue to feel that our stock is undervalued in the marketplace. We strongly believe in the long-term value of our Company’s business and the outlook for 2008. The Board believes that, in addition to potential asset acquisitions, we can further enhance shareholder value through a larger stock repurchase program and the opportunistic acquisition of our stock from time to time as the Company deems appropriate.”
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