Hollund Industrial Marine to Commence Buyback Program -- Accelerating Proposed Start Date
19 Março 2014 - 1:04PM
Marketwired
Hollund Industrial Marine to Commence Buyback Program --
Accelerating Proposed Start Date
Bayano Reservoir Project Revenues to Support Phased Buyback
Initiative
BLAINE, WA--(Marketwired - Mar 19, 2014) - Hollund
Industrial Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the
"Company") an underwater forest management company, announced today
that the board is considering a plan to accelerate the stock
buyback program.
"The Phase 1 buyback will be
determined by our revenue recognition from the Bayano project,"
stated Peter Meier, President of Hollund. "With logistics
currently unfolding, we will seek to take full advantage of our
stock price, which we perceive to be extremely undervalued at this
time."
Mr. Meier continued, "When you
consider the Bayano project's size, tree volume and high value
timber, all of these factors suggest to us that our current
capitalization is significantly less than the projected net
revenues from this single project. When you further consider the
size of this untapped market, along with our global expansion
plans, we believe now is a perfect time to commence a repurchase
program. Ideally, we would repurchase as much as 10% of the
issued and outstanding shares during the first phase of the
program. If successful in achieving our reduction goals in the
first phase, we would seek to increase our buyback by as much as
50% in a second phase."
The board is expected to
approve management's accelerated buyback program shortly upon
return from the team meetings in Panama, scheduled for later this
month. The Company expects to book its first revenues from the
Bayano project in Q2.
Mr. Meier concluded, "Our
investment in the Bayano project has set off a chain reaction of
events that has everyone at Hollund excited about our upcoming
meetings in Panama and thrilled about our prospects to grow the
industry globally."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc.
(PINKSHEETS: HIMR), is an underwater forest management company
which seeks to align the interests of businesses, communities,
utilities and governments by offering an integrated business model
for underwater forest management. Hollund's model, which
includes resource and needs assessment, permitting, environmental
and project planning, logging and milling, adds value to reservoir
communities.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(the "ACT"). In particular, when used in the preceding discussion,
the words "estimated," "believe," "optimistic," "expect," and
similar conditional expressions are intended to identify
forward-looking statements within the meaning of the ACT and are
subject to risks and uncertainties, and actual results could differ
materially from those expressed in forward-looking statements. Such
risks and uncertainties include, but are not limited to,
unfavorable market conditions, increased competition, limited
working capital, and failure to implement business strategies,
actions by regulatory agencies, and other risks.
Related Links:
http://finance.yahoo.com/news/hollund-industrial-marine-secures-upwards-133300068.html;_ylt=A2KJ3CdKQKFSIxoAOB2TmYlQ
http://finance.yahoo.com/news/hollund-industrial-marine-announces-partnership-220827285.html
For investor relations, Hollund Industrial Marine, Inc. Email
Contact (707) 659-6631
Hollund Industrial Marine (CE) (USOTC:HIMR)
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