WebMediaBrands Board Approves Stock Repurchase Plan
October 04 2011 - 7:00AM
Business Wire
WebMediaBrands Inc. (Nasdaq: WEBM) today announced that its
Board has approved a stock repurchase program whereby
WebMediaBrands may repurchase its common stock from time to time in
the open market or through privately negotiated transactions.
WebMediaBrands intends to finance the repurchase of its stock with
cash and purchases will not be made if they would reduce
WebMediaBrands cash below $1.2 million. The purchase plan is
expected to continue indefinitely and the amount of purchases will
depend on cash available and other investment and business
opportunities.
Alan M. Meckler, WebMediaBrands' Chairman and Chief Executive
Officer, stated that, "In the opinion of WebMediaBrands’ Board and
management, the underlying business of WebMediaBrands is worth
considerably more than is reflected in its current share price. If
we are correct in our opinion, repurchases should enhance the
intrinsic per-share value of WebMediaBrands shares and benefit
shareholders who retain their interests."
About WebMediaBrands Inc.
WebMediaBrands Inc. (Nasdaq: WEBM)
(http://www.webmediabrands.com), headquartered in New York, NY, is
a leading Internet media company that provides content, education,
and career services to media and creative professionals through a
portfolio of vertical online properties, communities, and trade
shows. The Company's online business includes: (i) mediabistro.com,
a leading blog network providing content, education, community, and
career resources (including the industry's leading online job
board) about major media industry verticals including new media,
social media, Facebook, TV news, sports news, advertising, public
relations, publishing, design, mobile, and the Semantic Web (ii)
InsideNetwork.com, a leading network
of online properties dedicated to providing original market
research, data services, news, events, and job listings on the
Facebook platform, social gaming, and mobile applications
ecosystems; and (iii) AllCreativeWorld.com, a leading network of
online properties providing content, education, community, career,
and other resources for creative and design professionals. The
Company's online business also includes community, membership and
e-commerce offerings including a freelance listing service, a
marketplace for designing and purchasing logos and premium
membership services. The Company's trade show and educational
offerings include conferences, online and in-person courses, and
video subscription libraries on topics covered by the Company's
online business.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release that are not
historical facts are "forward-looking statements" under the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. The
potential risks and uncertainties address a variety of subjects
including, for example: risks associated with acquisitions,
including integration of operations; general economic conditions;
the competitive environment in which WebMediaBrands competes; and
the unpredictability of WebMediaBrands's future revenues, expenses,
cash flows and stock prices. For a more detailed discussion of such
risks and uncertainties, refer to WebMediaBrands's reports filed
with the Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934. The forward-looking statements
included herein are made as of the date of this press release, and
WebMediaBrands assumes no obligation to update the forward-looking
statements after the date hereof, except as required by law.
All WebMediaBrands press releases are here:
www.webmediabrands.com/corporate/press.html
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