O2 Secure Wireless Announces Board Authorization of Stock Purchase Program
September 08 2010 - 9:45AM
O2 Secure Wireless, Inc. (Pink Sheets:OTOW) today announced that
its Board of Directors authorized a stock repurchase program under
which up to fifty million shares of its outstanding common stock
may be acquired in the open market over the next six months at the
discretion of management.
The Company's management stated that this stock repurchase
program authorization is partially in response to what appears to
be a significant and concerted effort to suppress the price per
share of the Company's common stock through short and/or naked
short sales by third parties.
Further, the Company believes that despite progress in
liquidity, visibility and price per share in recent weeks, the
current share price is still believed to be significantly
undervalued.
Management stated that its direct action to enhance shareholder
value is critical to future growth and in the best interest of
shareholders and the company. Within the next week, the company
expects to have an account to trade in the open market and expects
to begin its repurchase program.
The shares will be purchased from time to time at prevailing
market prices, through open market or unsolicited negotiated
transactions, depending upon market conditions. Under the
program, the purchases will be funded from available working
capital, and the repurchased shares will be held in treasury. There
is no guarantee as to the exact number of shares that will be
repurchased by the Company, and the Company may discontinue
purchases at any time that management determines additional
purchases are not warranted.
About O2 Secure Wireless: O2 Secure Wireless is
a Company that is currently developing numerous wireless tower
facilities in the US. The Company is also instrumental in the
development of wireless broadband communication services
domestically. Under a recent merger with Earthcom Service Inc., the
Company is currently being structured to provide affordable flat
rate pre-paid wireless services in developing countries
internationally.
Safe Harbor Act: This 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 and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company's annual report.
CONTACT: Gibraltan Financial
Investor Relations
(407)830-9777
http://earthcomservice.com
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