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Commonwealth American Financial Group Announces Buy-Back of Its Common Stock of 1 Billion Shares Business Wire - December 01, 2005 14:32
MIAMI, Dec 01, 2005 (BUSINESS WIRE) -- Commonwealth American Financial Group, Inc. (Pink Sheets:CWFG) announced today that the Board of Directors has approved a buyback of its common stock on the open market. The Board also approved that the company will purchase up to 1 billion shares of its common stock. The planned buyback is subject to all applicable laws.
The Board Members also acknowledged that stock purchased from the buy-back program would be retired to the treasury and would not be issued again. The Board also reiterates that no reverse split is planned for the company.
Ms. Ryals, President and CEO, said: "We believe the price of our stock is well below what we believe to be fair market value for our company currently. We will continue to grow our business while enhancing shareholder value."
The mission of Commonwealth American Financial Group, Inc. is to invest in land development projects either as developer, joint venture partner, or lender and create mezzanine-financing opportunities. The company will also grow by acquiring subsidiaries in related fields such as construction, real estate brokerage-appraisal-management, in Florida, Texas and Louisiana.
The Company has established a website http://www.cwmf.net and trades under the symbol (Pink Sheets:CWFG).
FORWARD LOOKING STATEMENTS: This information includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to mange growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel as related to the industry. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this issue.
SOURCE: Commonwealth American Financial Group, Inc.
Commonwealth American Financial Group, Inc., Miami Kristin Mary Ryals, 305-913-7112, Fax 305-913-4101
Copyright Business Wire 2005
Posts: 208 | Registered: Aug 2005
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This is good news as long as they actually do it
-------------------- Be Careful Of The Toes We Step On Today, They Could Be Attached To The Butt We Have To Kiss Tomorrow Posts: 4727 | From: Elk Grove ( Sacramento )CA USA | Registered: Jun 2004
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-------------------- The sun even shines on a dogs ass someday, have patience my friend ur day will come! Posts: 727 | Registered: May 2005
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-------------------- Choosing individual stocks without any idea of what you're looking for (or without reliable information) is like running through a dynamite factory with a burning match. You may live, but your still an idiot. Posts: 5320 | From: Syracuse, NY | Registered: Apr 2005
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-------------------- The sun even shines on a dogs ass someday, have patience my friend ur day will come! Posts: 727 | Registered: May 2005
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"buyback and no reverse-if they get a contract it will fly-friend called me and said oustanding is 14 billion 9.5 bil. restricted and float 4.5 bil. if they retire 1 billion that would take it to just 3.5 bil. float"
Posts: 1533 | From: jacksonville, nc, usa | Registered: Dec 2004
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i got filled yesterday for 420K at .0001. Currently sitting on 1.42 mil at .00014
Posts: 181 | From: Quebec | Registered: Aug 2005
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Hot damn. It's like they were reading my last couple of posts and decided to smack me down with this PR. Now I wish I'd bought a bunch at .0001 (my average is .0003).
Hope I'm not being foolishly greedy by pulling my long-standing sell order of .0002 off the market now that I might finally have a chance to sell at .0002 amidst the excitement.... 'Cause now I want to hold out for more money.
Actually, I'm shocked that the PPS hasn't moved to solidly to at least .0002 with the release of this news.... Maybe people feel like they've been burned too many times by CWFG and it's predecessors already? I know I have. But I would think that more people would be jumping on this stock now; and no one should be selling at 1.
Still, if the new owners follow through on the buyback and no RS, then any buys at .0001 are an excellent deal right now and we could easily pop to .0004 in no time, even without contract news. With contract news and the buy back we could see much higher numbers.
Of course, if I wanted to be paranoid about this I'd say that this PR was released to drive the PPS up, and while the PPS is up the company will seriously dilute, and then once the price drops back to .0001 they'll go back on their word and RS and never buy anything back. Considering how this stock has gone so far, and our limited knowledge about the new CEO/COO and what the new owners are really, truly up to, I wouldn't put a scam like that past them.
But I'm hoping for the best... This is the first time I've had much hope for this company at all in a long while. So that's exciting. They're finally starting to give good PR. But KYA.
Posts: 249 | From: NYC | Registered: Sep 2005
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.0002's--- Historical Time & Sales Stock Symbol Trade Date Price Range Trade Size Trades per Page Today 1 day ago 2 days ago 3 days ago 4 days ago Min Max Min Max (Max 400)
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Historical Time & Sales Stock Symbol Trade Date Price Range Trade Size Trades per Page Today 1 day ago 2 days ago 3 days ago 4 days ago Min Max Min Max (Max 400)
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where will this thing go? Resistance? I have too many shares to mess around with this on and I could use some outside opinions
Posts: 1104 | Registered: Dec 2005
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Don't know much about them either, what kind of contracts are they trying to get? What do these guys do? Thanks...
Posts: 1031 | Registered: Sep 2005
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Since this board isn't plagued by bashers quite yet, I'll ask you guys... Is it pretty safe to say that this company isn't a scam? They're news looks good. Just sooooo LOW!
Posts: 1031 | Registered: Sep 2005
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