Titan Global Holdings, Inc (TTGL.OB), a high-growth diversified holding company, updated shareholders regarding their previously announced 4 million share open market buyback plan. As of Friday, Titan has repurchased 1,178,557 shares of common stock during open market hours at an average price of $1.37 per share.
As of December 31, 2007, Titan had 2,000 shareholders on record. On January 9, 2008, Titan’s stock closed at $0.94 per share. Titan’s stock reached a 52 week high of $2.35 per share on October 18, 2007.
David Marks, Chairman of Tital Global Holdings, commented, “Titan’s management, directors, and strategic investors view our share price as an exceptional value proposition given it is trading at approximately 50% below our 52 week high. As recently as November, 2007, we raised equity at $2 per share. Therefore, today, we were able to retire our shares for about one half of our recent equity raise. We intend to make additional open market purchases.”
Bryan Chance, CEO of Tital Global Holdings, added, “We intend to take advantage of our attractive current share price and will continue such purchases with the resulting decrease in the Company’s public float.”
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