Bederra Corporation Issues Business Plan Update
June 03 2010 - 11:00AM
Marketwired
Bederra Corporation (PINKSHEETS: BEDA), a Houston, Texas-based,
diversified medical services provider, announced that after
extensive market research and discussions with potential
acquisitions targets, management has elected to modify the
company's business plan with respect to the company's growth
through further acquisitions and organic growth, and the company's
provision of medical services.
In the past weeks, Bederra management has entered discussions
with multiple possible acquisition targets in the mobile medical
services industry, and as a result of the recent direction of
Medicare to this area, management has confirmed its commitment to
the mobile medical services market. The acquisition of Texas Mobile
Health, Inc. was the first of several intended in pursuit of the
company's vision of growth, and the company is currently in
negotiations with several potential targets. Each candidate is a
specialized service provider that would benefit from the synergy of
an integrated multi-services mobile medical provider parent. Most
of these candidates have annual gross sales in the range of 1 to 2
million dollars. Management expects to announce plans for
acquisitions in the very near future and as such has elected to
conserve capital for its redeployment into this company growth
throughout the summer. As such, the company will be temporarily
discontinuing the ongoing buyback program until management has
negotiated, if not finalized, these near term acquisition
scenarios. Management stated that it will request a certificate
representing the shares repurchased to date, to be returned to
treasury and canceled, and will issue a press release announcing
such in addition to further acquisition updates.
Additionally, at the recommendation of company's legal counsel,
the company is pursuing other proactive methods to discourage any
abusive short and/or naked short selling of the company's stock.
Regulation SHO data and Buyins.net have indicated the presence of
large, detrimental accumulated short positions, and a NOBO
(Non-Objecting Beneficial Owner) list of shareholders dated April
27, 2010 for the company revealed approximately 1 billion shares in
excess of the company's actual public float at that time. An SPR
(Securities Position Report) from DTCC dated May 28, 2010 reflects
a 1.1 billion-share excess in the number of shares held at
brokerages. This is an ongoing concern to management and Bederra
shareholders alike, and management will release further details of
its plans to mitigate this issue. The company has purchased shares
for retirement to treasury from the open market to the effect of no
significant immediate impact on the company's price per share or
ongoing short interest due to the limited cash available for a
single, immediate significant purchase. Management believed that
its aggregated, ongoing purchase of shares over time would help,
but now realizes that the utilization of its resources to actively
deploy strategies (including the cost of achieving Pinksheet
Current Status, among others) while aggressively negotiating and
closing acquisitions will have the greatest, most immediate impact
to enhance shareholder value.
About Bederra Corp. http://www.bederra.com
Bederra Corporation provides multiple modality diagnostic medical
imaging services to the greater Houston area and the world famous
Texas Medical Center. The Company's business strategy is to
continue to expand its current operations and seek out additional
acquisitions that will complement its core offerings.
Under The Private Securities Litigation Reform Act of 1995: The
statements in the press release that relate to the company's
expectations with regard to the future impact on the company's
results from new products and services in development, including
any planned acquisitions, are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The results anticipated by any or all of these forward-looking
statements might not occur. The Company undertakes no obligation to
publicly release the result of any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof, or to reflect the occurrence
of unanticipated events or changes in the Company's plans or
expectations.
Contact: Bederra Corp. Email Contact