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Celerity Systems Reaches Agreement with Eagle Broadband to Repurchase Company Stock and Reduce Debt by $350,000
Tuesday , June 15, 2004 09:15 ET
KNOXVILLE, Tenn., Jun 15, 2004 /PRNewswire-FirstCall via COMTEX/ -- Celerity Systems, Inc. (OTC Bulletin Board: CESY), a business development company focused on providing capital formation, management advice and investments in developing companies, announced today that the Company has reached an agreement with Eagle Broadband, in which Celerity purchased 140,598,524 shares of its common stock and a $350,000 convertible debenture from Eagle Broadband (Amex: EAG), an investor in the Company.
Celerity paid Eagle Broadband $662,308 for the purchase of these shares and for the retirement of the remaining $350,000 portion of a $500,000 convertible note outstanding held by Eagle Broadband.
Celerity President and CEO Robert Legnosky stated, "Through this transaction, we are reducing our outstanding debt as well as our outstanding shares as part of a continuing strategy to strengthen our operations and enhance shareholder value. Celerity's fundamentals are improving, and our repurchase of the convertible debenture demonstrates our confidence in our financial outlook and prospects for growth."
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
Company Contact: Investor Relations Contact: Robert Legnosky, President & CEO Gary Geraci Celerity Systems, Inc. OTC Financial Network 865-539-5300 781-444-6100 ext. 629 garyg@otcfn.com
SOURCE Celerity Systems, Inc.
CONTACT: Robert Legnosky, President & CEO of Celerity Systems, Inc., +1-865-539-5300; or Gary Geraci of OTC Financial Network, +1-781-444-6100 ext. 629, garyg@otcfn.com
Celerity President and CEO Robert Legnosky stated, "Through this transaction, we are reducing our outstanding debt as well as our outstanding shares as part of a continuing strategy to strengthen our operations and enhance shareholder value. Celerity's fundamentals are improving, and our repurchase of the convertible debenture demonstrates our confidence in our financial outlook and prospects for growth."
(...)
beefcake
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i just got in this one they metioned it this am on ibc radio anyone else going in ?
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WOW the stock score for this is through the roof. I think I will get in this is unbelievable. I have never seen a stock this low with a stock score. good luck to all get in while it is low.
Teufelmann
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Remember to do your DD:
Share Statistics Average Volume (3 month): 18,147,818 Average Volume (10 day): 9,063,000
% Held by Institutions: N/A Shares Short (as of 8-Oct-99): 2.00K Daily Volume (as of 8-Oct-99): N/A Short Ratio (as of 8-Oct-99): 0.056 Short % of Float (as of 8-Oct-99): 0.06% Shares Short (prior month): 1.00K
Nice web site. Lots of info. They should update their PR though. The link takes you directly to the investors info...they seem to have a hotline but I didn't call yet.
Malloy
Nikodemis
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i'm in for 500K shares, looks good to me. 52 week high of 3 cents and 52 week low only 6 clicks lower than what you're buying it for. sounds good. let it ride.
joeyisthebest
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I have just finished looking at their web site and it is great! I also just got 178K at .0017 watch this hit the .03 -.05 range in a week with some good pr.
pmann2957
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sounds good here too ...put me down for a 1.6 million
Malloy
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Level 2 at Ask got all ****ed up...it stopped transaction for awhile. Now we see a good retracement. Like it was said, this one running pretty much around his support level...I still think it has more potential to go up then down...
They have a product that is more and more in demand (video on demand over web). They have some holdings producing small revenues. Web site's fine. Investors relations seems to be important.
Knobias reports 4.8 Billions shares. Price is around .0015. CMKX,s got how much more OS...for a price around .001...
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Just got the rest of mine filled ...This looks like it is coming off the bottom ..read some other boards said they just had a profitable quarter...that with the news on the buy back and the increase in volume ...we might have something here
filemon
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It went back into range 0.0013 - 0.0015
pmann2957
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don't matter ..it will bounce around I am sure. This stock will be at least .002 by friday close
Almost maxed out on number of O/S. Do you think that they'll issue more shares soon? Perhaps that's the reason why such good news failed to move the PPS?
filemon
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Volume stood quiet
pmann2957
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Maybe your right but I think that there has not been much action on this stock for a while ..it might take a few days for the news to spread. We are in on the bottom of this possible rocket!!!!
Malloy
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Hope not. Maybe someone should call their hotline and ask about it...
But I think they used all their shares to get money for the company they are buying and backing up. If so, they might be investing for a good cause. Got to dig more.
Almost maxed out on number of O/S. Do you think that they'll issue more shares soon? Perhaps that's the reason why such good news failed to move the PPS?
Malloy
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Sorry all. This is not going in the right direction. More than 20M shares were sold at Bid in the last minutes. Someone's is dumping like hell or some MM are shorting the stocks. I hate good co. going down like this. Oh well.
Malloy
[This message has been edited by Malloy (edited June 15, 2004).]
Malloy
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Reading the PR again:
(...)announced today that the Company has reached an agreement with Eagle Broadband, in which Celerity purchased 140,598,524 shares of its common stock and a $350,000 convertible (...)
If they are buying back their shares, I don't think they will issue more...don't you think?
Almost maxed out on number of O/S. Do you think that they'll issue more shares soon? Perhaps that's the reason why such good news failed to move the PPS?
pmann2957
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somebody is buying them up now
pmann2957
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no they shouldn't ...that was the point of buying them back to increase share value
Celerity President and CEO Robert Legnosky stated, "Through this transaction, we are reducing our outstanding debt as well as our outstanding shares as part of a continuing strategy to strengthen our operations and enhance shareholder value. Celerity's fundamentals are improving, and our repurchase of the convertible debenture demonstrates our confidence in our financial outlook and prospects for growth."
Malloy
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bid = ask ...and not moving...heum!
I hate those games. MM are not playing fair with us.We work hard everyday to read PR, dig info, analyse charts and then put our hard fought money on the table, and what happened....they play with us like children. Gosh.
Sorry, I'm upset.
pmann2957
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Maybe it will makes it's move Wednesday ..it has 5 times adverage daily volume today ...it can't go much lower and it has good news out
SimpleGuy
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Logical enough.
The 141 million shares may not move the PPS by much, though. That's less than 3% of total O/S Then again, it would make sense that CESY would want to buy back their shares at a lower PPS, which could explain the drop. So many questions... so few answers.
quote:Originally posted by Malloy: Reading the PR again:
(...)announced today that the Company has reached an agreement with Eagle Broadband, in which Celerity purchased 140,598,524 shares of its common stock and a $350,000 convertible (...)
If they are buying back their shares, I don't think they will issue more...don't you think?
Malloy
pmann2957
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I did some more reading on this one ...It looks pretty good ...and coming off the bottom with some good volume ...I am going to buy some more shares this morning.
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