Signature Devices, Inc. Board of Directors Approves Stock Buyback Plan
14 Avril 2011 - 3:00PM
Marketwired
Signature Devices, Inc. (PINKSHEETS: SDVI) is today announcing that
its board of directors has authorized a stock repurchase plan in
which the company intends to buy back a portion of its outstanding
shares from time to time up to .0025 cents per share.
The buyback plan was approved because the board and management
believe the stock presents an attractive investment and is
extremely undervalued. Under the plan, the company will buy back
shares through both public and private channels at prices believed
to be appropriate and in the best interest of its shareholders. The
repurchased shares will be held as treasury stock.
"Our current stock price isn't indicative of the value of our
company, and the buyback program is a very good use of part of the
company profits. At current prices, SDVI shares are trading
substantially below a good valuation, based on what we are
anticipating our 2011 revenues to be. This announcement illustrates
our confidence in the long-term growth of the company and our
commitment to returning capital to our shareholders," said Kenneth
Hurley, CEO of Signature Devices, Inc.
About Signature Devices, Inc.:
Based in Redwood City, Calif., Signature Devices, Inc.
(www.signaturedevices.com) creates and develops social networking
systems including social networking server software, social
networking games and console games, which it publishes through
Graffiti Entertainment, Inc. The information in this press release
includes certain "forward-looking" statements within the meaning of
the Safe Harbor provisions of Federal Securities Laws. Investors
are cautioned that such statements are based upon assumptions that
in the future may prove not to have been accurate and are subject
to significant risks and uncertainties, including the future
financial performance of the Company. Although the Company believes
that the expectations reflected in its forward-looking statements
are reasonable, it can give no assurance that such expectations or
any of its forward-looking statements will prove to be correct.
Readers are cautioned not to place undue reliance on these
forward-looking statements that speak only as of the date of this
release, and the Company undertakes no obligation to update
publicly any forward-looking statements to reflect new information,
events, or circumstances after the date of this release except as
required by law.
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