Today’s Volume Up More than 117% from the 10 Day AverageGOLETA, Calif.–(BUSINESS WIRE)–Commerce Planet, Inc. today provided an update on the Company’s stock repurchase program. According to the program, established in November 2006, Commerce Planet may repurchase up to $2,000,000 of its common outstanding stock through open market or privately negotiated transactions at prices deemed appropriate by management. As of today, the Company has purchased approximately $1,000,000 of the Company’s outstanding common stock pursuant to the program and the Company intends to purchase additional shares at the current stock price.
The timing and amount of repurchase transactions under the program depend on market conditions and other considerations and are made in compliance with applicable federal and state securities laws and regulations. The purchases are funded from available working capital. The stock repurchase program is currently effective through December 31, 2007.
“The Company’s management and Board of Directors continue to believe our stock is undervalued in relation to our industry peers,” stated Tony Roth, Chief Executive Officer. “By purchasing additional shares at the current prices, we believe we are sending a clear message to the market that we have the utmost confidence in our new direction as well as our ability to execute on our strategic initiatives.”
About Commerce Planet, Inc.
Commerce Planet, Inc. is an online media, marketing, and fully integrated e-commerce company that offers media products, lead generation services, list database management, e-commerce solutions, web marketing, and call center marketing and CRM tools to its client partners as well as through its own direct selling businesses. Commerce Planet offers turn-key solutions through its network of wholly owned subsidiaries, which includes Consumer Loyalty Group, LLC, Legacy Media, LLC, and Iventa, LLC. In combination these services address the needs of B2B and B2C driven client partners. To find out more about Commerce Planet (OTCBB:CPNE – News), visit our website at http://www.commerceplanet.com.
Forward Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including statements as to management’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products and services or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law.
Contact:
Investor Relations:
ICR
John Mills / Anne Rakunas, 310-954-1100
Source: Commerce Planet, Inc.
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