Cienega Creek Holdings, Inc. (CCKH) Completes Share Buyback and Announces Strategic Business Changes
March 04 2009 - 11:14AM
Marketwired
Cienega Creek Holdings, Inc. (OTCBB: CCKH), an Arizona-based
holdings company, is pleased to announce the completion of a
privately negotiated stock repurchase agreement for 75% of the
company's outstanding stock. Under the terms of the agreement, the
company acquired 7,000,000 shares from the estate of its former
director and retired the shares through cancelation resulting in a
reduction in the number of outstanding shares. The result of the
transaction leaves the company with 2,294,250 outstanding shares of
which 895,250 are free-trading and unrestricted.
Michael Klinicki, president of the company, stated, "Shareholder
value was the driving force behind the purchase. We are committed
to providing our shareholders with the very highest value for their
investment and I think our record speaks for itself. Our company
remains completely debt free, has no short or long-term
liabilities, and has enough cash on hand for us to meet our
business needs and redirect operations over the next year to obtain
profitability."
The company also announces a strategic business change in its
focus from retail and service lines of business to technology and
manufacturing. Mr. Klinicki stated, "Given the weak retail market
and the high degree of risk currently associated with traditional
store-front endeavors, it made sense for us to look in a new
direction. With change comes opportunity. As part of the
redirection, we are currently in discussions with other businesses
regarding the possibility of merger. We plan to release more
details of these changes soon."
About Cienega Creek Holdings, Inc.:
Located in Tucson, Arizona, Cienega Creek is a holdings company
which specializes in technology and manufacturing.
Please visit www.cienegacreek.net
This announcement contains 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 Private Securities
Litigation Reform Act of 1995. Actual results may differ from
management's expectations. These forward-looking statements involve
risks and uncertainties that include, among others, risks
associated with facility development and operation, competition,
management of growth, new products, services and technologies,
potential fluctuations in operating results, commercial agreements,
acquisitions and strategic transactions, government regulation and
taxation. More information about factors that potentially could
affect CCKH's financial results is included in its filings with the
Securities and Exchange Commission.
Contact: Michael Klinicki Phone: 520.275.8129