ValueRich, Inc. Announces Results of Operations for Second Quarter 2008 and Stock Buyback Program
August 11 2008 - 1:40PM
Business Wire
ValueRich, Inc. (AMEX:IVA), a diversified financial media company,
today announced the results of its operations for the three- and
six-month periods ended June 30, 2008. Net Loss for the quarter
ended June 30, 2008 decreased to approximately $(190,000) from
$(421,769) for the same period ended June 30, 2007. The decreased
loss was primarily a result of a decrease in operating expenses and
to a lesser extent professional fees resulting from a revision of
the financial expo line of business and shifting ValueRich magazine
to an online publication. Due to the overall market conditions and
current economic environment ValueRich, Inc. generated no revenue
for the three months ended June 30, 2008. ValueRich also announced
today that its board of directors has authorized the repurchase of
up to $400,000 of ValueRich (AMEX:IVA) common stock. Shares may be
repurchased under the program from time to time in the open market,
in privately negotiated transactions or in other ways. ValueRich
will decide on purchases based on market conditions and other
relevant considerations. �We believe the current valuation of
ValueRich common shares makes the repurchase of our equity a solid
investment for the company and will be accretive to shareholder
value,� said Joseph Visconti, President and CEO of ValueRich, Inc.
About ValueRich, Inc. ValueRich, Inc. operates various online
media-based properties for corporate and financial professionals,
including ValueRich magazine and the industry-wide online financial
community iValueRich.com. The Company�s corporate mission is to
create the world�s largest and most active community of financial
professionals and micro-cap public company executives through its
integrated portfolio of products and services. Become a free member
of iValueRich.com at http://www.ivaluerich.com. This news release
may contain �forward-looking statements� within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The
forward-looking statements are based on current expectations,
estimates and projections made by management. The Company intends
for the forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements. Words such as
�anticipates,� �expects,� �intends,� �plans,� �believes,� �seeks,�
�estimates� or variations of such words are intended to identify
such forward-looking statements. All statements in this release
regarding the future outlook related to ValueRich, Inc., including
expectations as to shareholder value are forward-looking
statements. The forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those set forth or implied by any forward-looking statements.
All forward-looking statements made in this press release are made
as of the date hereof, and the Company assumes no obligation to
update the forward-looking statements included in this news release
as a result of new information or future events. Please refer to
the Company�s Form SB-2, as amended, under the caption �Risk
Factors� and our other periodic and current reports filed by
ValueRich, Inc. with the SEC for additional information regarding
risks and uncertainties associates with an investment in ValueRich
securities. Copies of these filings are available through the SEC�s
website at www.sec.gov.
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