CLEARWATER, Fla., July 12, 2011 /PRNewswire/ -- ValCom, Inc.
(VLCO.PK) announced today that its Board of Directors has approved
the repurchase of outstanding Common Stock, by the Company's
management, effective immediately.
The shares will be purchased from time to time at prevailing
market prices, through open market purchases. There is no
guarantee as to the exact number of shares that will be repurchased
by the Company and the Company may discontinue purchases at any
time that the Board of Directors determines additional purchases
are not warranted. The repurchase program is expected to continue
over the next six months unless extended.
"ValCom has recently paid down a significant portion of all
short-term debt and the Board of Directors believe that the current
share price does not reflect the company's true market value and
has therefore approved a share buyback program," stated
Vince Vellardita, President and CEO
of ValCom. He continued, "The recent appraisal of the ValCom
library, the value of our assets, the growth of My Family TV, and
the recent distribution agreements we have signed for the library
are all factors we have used to determine that ValCom stock is
undervalued at its current levels."
The company recently announced the results of the appraisal of
its content library. The first phase of the audit and appraisal
focused on the television and film portion of the library. A
present value of $40,182,000 has been
placed on this portion of the library. The second phase of
the audit and appraisal has focused on the audio portion of
ValCom's library. A value of over $80
million has been placed on this portion of the library
alone. The combined appraised value of ValCom's television, film
and audio content exceeds $120
million.
ValCom also recently announced that it has entered into a
distribution deal with Universal Media Group, a division of
Universal Studios, for The Platters Golden Anniversary album
and that it will also be releasing Ike & Tina Turner: The Lost Tapes as a subsequent
album. Both projects pull from content in ValCom's library.
About ValCom, Inc.
Based in Clearwater, FL,
ValCom, Inc. is a diversified, fully integrated, independent
entertainment company that has been in operation since 1983.
ValCom, Inc., through its operating divisions and subsidiaries,
creates and operates full service facilities that accommodate film,
television and commercial productions with its four divisions
comprised of television and film production, broadcasting (My
Family TV Network), distribution, and live theatre. ValCom's client
list consists of all of the majors such as MGM, Paramount Pictures,
Warner Bros, Disney, CBS, Sony, NBC, Phantom of the Opera, HSN, and
more. For more information, please visit the company's website at
www.valcom.tv
Note About Forward-Looking Statements
With the exception of historical information, this press release
may contain forward-looking statements that are made pursuant to
the "safe harbor" provisions as defined within The Private
Securities Litigation Reform Act of 1995 (the "PSLRA").
Forward-looking statements may be identified by words including
"anticipates," "believes," "intends," "estimates," and similar
expressions. In addition, any other statements which contain
characterizations of future events or circumstances are
forward-looking statements. These statements are based upon
management's current expectations as of the date of this press
release. Actual results may differ materially from the expectations
contained in this press release due to a number of risks and
uncertainties relating to our business which are discussed in
detail in the Company's periodic filings with the Securities and
Exchange Commission. ValCom, Inc. does not undertake any
responsibility to publicly update any forward-looking statements to
reflect events or circumstances after the date on which any such
statement is made or to reflect the occurrence of unanticipated
events.
Investor Relations:
Ingrid Clavijo
727/953-9778
SOURCE ValCom, Inc.