StockGuru Trade Alert: Commerce Planet (CPNE) Reports a Huge Buy Back of 4.4% of the Company – This is Very Good News
This is a great release:
http://biz.yahoo.com/bw/080102/20080102005663.html?.v=1
While many companies claim their stock is worth more than the current trading level, few put their money where their words are. I see this as a very real difference. While we are not currently actively covering this stock, this is too important to ignore.
I see great things for CPNE short term and long term… Just because of this buy back. It is a sign of great confidence.
Let’s all keep an eye on CPNE!
Commerce Planet Updates Share Buy-Back Plan
GOLETA, Calif.–(BUSINESS WIRE)–Commerce Planet, Inc. today announced that the Company has recently repurchased an additional 2.2 million shares of its common stock for a total expenditure of $726,300. These purchases were funded from available working capital.
According to the Company’s stock repurchase program established in November 2006, Commerce Planet was authorized to repurchase $2,000,000 of its common outstanding stock through open market or privately negotiated transactions at prices deemed appropriate by management. Since the last update of December 13, 2007, the Company has repurchased a total of 2.2 million shares, or approximately 4.4% of the Company’s outstanding shares, pursuant to the program. Since November 2006, the Company has repurchased a total of 3.02 million shares, or approximately 6.2% of the Company’s 48,637,252 million outstanding shares, reducing the number of outstanding shares to 45,616,252 as of December 31, 2007. This current stock repurchase program concluded on December 31, 2007, and management may enact an additional repurchase program in the near future.
“We believe our stock is trading at a significant discount to the long-term value of the Company’s business and we are pleased that we were able to use our cash flow to repurchase shares at these current levels,” stated Tony Roth, Chief Executive Officer. “We believe our strong balance sheet and the current cash flow generation from our business will enable us to continue to create shareholder value through continued investments including additional share repurchases from time to time as the Board deems appropriate.”
About Commerce Planet, Inc.
Commerce Planet, Inc. is a technology driven online media, marketing, and fully integrated e-commerce provider that offers media products, lead generation services, list database management, e-commerce solutions, web marketing, call center support and CRM tools to its client partners as well as through its own direct selling businesses. Commerce Planet offers turn-key business solutions through Legacy Media, its marketing & media division, and membership sales companies, customer care and call center facility, and its newly acquired E-Commerce Dashboard™ System by Iventa. In combination these services address the needs of small – medium size businesses, B2B and B2C marketing programs, and custom solutions for enterprise clients worldwide. For 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 segment s; 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:
for Commerce Planet, Inc.
Investor Relations:
ICR
John Mills / Anne Rakunas, 310-954-1100
Source: Commerce Planet, Inc.
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