Dreams Announces Stock Buy-Back Plan
February 08 2008 - 10:43AM
Business Wire
Dreams, Inc. (AMEX:DRJ), a vertically integrated leader in the
licensed sports products industry, today announced that its Board
of Directors has authorized the repurchase of up to $1,000,000 of
the Company's common stock as and when market prices make
repurchases advantageous. The repurchase program is effective
immediately and will allow the Company to repurchase its shares in
accordance with the requirements of the Securities and Exchange
Commission on the open market, in block trades and in privately
negotiated transactions, depending on market conditions and other
factors. Purchases may be commenced, suspended, or discontinued at
any time. The repurchase program will be funded using the Company's
working capital. As of February 7, 2008, Dreams, Inc. has
approximately 37,500,000 shares of common stock outstanding.
Consequently, the Company will retire all shares that it purchases
to authorized and un-issued stock, increasing the percentage
ownership of all existing shareholders. �We regularly analyze
various companies� valuations to determine whether or not they are
appealing acquisition targets for Dreams. We strongly believe that
at the current market valuations of our own firm, Dreams, Inc.
stock becomes our wisest investment. This has been our motivation
in seeking Board approval for this plan,� said Ross Tannenbaum,
Dreams� President & CEO. �While we compete for the attention of
the investment community with thousands of publicly traded
companies, we are confident that the substantial growth this
Company has achieved - averaging 38% growth a year for the past
four years and generating profits on an annual basis for the last
three - will resonate with investors and be reflected in our
stock�s value,� concluded Tannenbaum. DREAMS, INC. trades under the
ticker symbol: AMEX:DRJ www.dreamscorp.com Statements contained in
this press release, which are not historical facts, are forward
looking statements. The forward-looking statements in this press
release are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements made herein contain a number of risks and uncertainties
that could cause actual results to differ materially. These risks
and uncertainties include, but are not limited to, specific factors
impacting the Company�s business including increased competition;
the ability of the company to expand its operations and attract and
retain qualified personnel, the uncertainty of consumer�s desires
for sports and celebrity memorabilia; the availability of product;
availability of financing; the ability to sell additional
franchises; and general economic conditions.
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