CHICAGO, Mar 13, 2007 (BUSINESS WIRE) -- James Monroe Capital Corporation (Pink Sheets:JMCP) announces that a shareholder majority has voted and signed an agreement approving a stock buyback, subject to the company closing a pending joint venture oil deal for income.
The signed agreement also has provisions that prohibit management from doing a reverse stock split for 2 years, and states that part of the income from the oil venture has to be used to buy back its own securities, in the market, in accordance with the state and federal securities rules and regulations governing such buybacks.
The company is now working to get the joint venture agreement signed, and then to close on the oil deal itself, which requires private funding, and some financing.
The company wishes to emphasize that it aims only to please its long-term partners. The company growth strategy involves long-term growth. James Monroe Capital is a company which seeks-out unusual bargains. The company website is at www.jamesmonroecapital.com
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
SOURCE: James Monroe Capital Corporation
James Monroe Capital Corporation, Northbrook Chris McGovern, 847-418-3848
Posted by boneyardjeep on :
DO YOU THINK THAT THE BUYBACK IF IT HAPPENS WILL BE FOR THE CURRENT PRICE? AND DO YOU THINK THAT IF THEY DECIDE TO DO A BUYBACK THAT MORE PEOPLE WILL TRY TO PURCHASE THIS TO GET A TURNAROUND ON THIER MONEY. i HOPE THAT THE LATTER PART HAPPENS.