Heartland Announces Repurchase Program
April 20 2010 - 11:19AM
Marketwired
Heartland, Inc. ("Heartland") (OTCBB: HTLJ) announced that it is
adopting a share repurchase program. The Company's Board of
Directors designated a program to repurchase, from time to time, at
management's discretion, up to $100,000 in shares of the Company's
common stock in the open market and continuing through December 31,
2010 at prevailing market prices. There can be no assurance as to
how many common shares will be purchased. In addition, the
repurchase program may be suspended or discontinued at any time.
Common stock acquired through the repurchase program will be held
as treasury shares and may be used for general corporate purposes,
including reissuances in connection with acquisitions, employee
stock option exercises or other employee stock plans. Repurchases
will be made under the program using our own cash resources and
will be in accordance with Rule 10b-18 under the Securities
Exchange Act of 1934 and other applicable laws, rules and
regulations. E*TRADE will act as agent for our stock repurchase
program.
Commenting on the announcement, Terry L. Lee, Heartland's Chief
Executive Officer, stated, "At recent price levels we believe that
our common stock represents an attractive investment opportunity
for our company. It is our position that our company is
fundamentally sound and the decision to initiate the share
repurchase program illustrates the confidence we have in the
long-term value of our company. We will continue to pursue
initiatives from an operational standpoint that are key to our
development as well as investments that are in the best interest of
our company and its stockholders."
About Heartland Inc.
Heartland, Inc. is a holding company with three subsidiaries.
Lee Oil Company services and sells over 40 million gallons of
petroleum product annually through a combination of retail and
wholesale operations. Heartland Steel is a steel service center
which operates a structural steel service center in Ohio. Mound
Technologies is a structural and miscellaneous steel fabricator
also located in Ohio.
Forward-Looking Statements
Statements contained in this news release, which are not
historical facts, are forward-looking statements. Amounts herein
could vary as a result of market and other factors. Such
forward-looking statements are subject to risks and uncertainties
which could cause actual results to differ materially from those
currently anticipated due to a number of factors, which include,
but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to
time.
HEARTLAND, INC. Phone (606) 248-7323
info@heartlandholdingsinc.com