O2 Secure Wireless, Inc. Announces Advancement in Stock Repurchase Program
November 19 2010 - 9:45AM
Marketwired
O2 Secure Wireless, Inc. (PINKSHEETS: OTOW)
announces that the Company continues to accumulate stock purchased
in the open market. The Company recently 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 at the discretion of management. O2
Secure Wireless will release an update when the Company reaches its
first quantitative milestone, and a significant number of shares
have been retired to the treasury.
This stock repurchase program 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. Furthermore, the Company
believes that despite progress in liquidity, visibility and price
per share in the past quarter, the current share price is still
believed to be significantly undervalued.
Simultaneously, Earthcom Service Inc., is negotiating the final
details involved with the agreement to acquire a 50% equity
interest in the Dominican Republic Financial Institution, and is
now scheduled to close by the end of the quarter.
This agreement is exceptionally advantageous for the company,
since it will not only provide an additional source of revenue, but
will also provide the company's customers with a convenient method
for payment of communications services. The opportunity will
primarily allow the company to simplify the payment process for its
wireless, cellular, cable, residential phone and internet service
clients by using a prepaid MasterCard/Debit Card product for
customer payments, while simultaneously providing a new bank branch
location wherever a Earthcom retail storefront is created, whereas
the bank's credit card merchant processing system will utilize
Earthcom's wireless infrastructure for processing transactions.
About O2 Secure Wireless: O2 Secure
Wireless is a Company that is currently developing numerous
wireless tower facilities in the U.S. 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 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.
For more information visit our website at
http://earthcomservice.com or contact Investor Relations: Gibraltan
Financial (407) 830-9777
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