InternetArray Announces Up to One Billion Share Buyback and Enters
$50 Billion Southeast Asia Social Media Network Market with
Modiax.com
NEW YORK, Jan. 28, 2013 /PRNewswire/ -- InternetArray,
Inc., (OTCPink: INAR), today announces up to a One Billion share
buyback in a combination of open market and private transactions as
part of a continuing corporate restructuring and cost-cutting
initiatives. Additionally, the Company does not see the
requirement for a reverse split of its common stock.
InternetArray, Inc., announced in December that it had
eliminated nearly $2 million in
long-term debt and accrued expenses. The Company is committed
to providing shareholders' value and this restructuring is underway
because management believes our common stock is extremely
undervalued at these levels, and wants to instill shareholders'
confidence by buying back shares to retire back to
treasury.
Furthermore, InternetArray will enter China's $50
billion market by launching a social media network with
Modiax.com. US companies don't have access to China's exploding social-media space. It
reflects how different it is from those of many Western markets.
Understanding that space is vitally important for anyone trying to
engage Chinese and neighboring countries consumers: social
media is a larger phenomenon in the world's second-biggest economy
than it is in other countries, including the United States. Our new social media
network will include several never-seen-before patented
technologies that will be disclosed upon the launch of the
website.
"We are very pleased to launch this joint venture with
InternetArray. It has been a long time coming and we are very
excited about our new, unique patented technology for the Social
Media Networking market. We plan aggressive marketing campaign
upon launch, and to be competitive with Southeast Asia's major social networks.
Our association with InternetArray will certainly amplify our
launch," comments Khiem Nguyen, CEO
of Modiax.com.
About InternetArray, Inc.
(www.internetarray.com)
InternetArray, Inc. provides guidance and investment for
innovative, early stage Internet companies. The Company's
mission is to identify and develop collaborative business partners
into viable and profitable companies.
This press release may contain certain statements that are not
descriptions of historical information, but are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Exchange Act of 1934. These
forward-looking statements refer to matters that involve risks and
uncertainties. Such statements reflect management's current views
and are based on certain assumptions. Actual results could
differ materially from the assumptions currently anticipated.
Contact:
Investor Relations
InternetArray, Inc.
contact@internetarray.com
SOURCE InternetArray, Inc.