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GREM USA Commences an Immediate Share Buy-Back Program Aug 7, 2006 9:39:00 AM Copyright Business Wire 2006
FORT WAYNE, Ind.--(BUSINESS WIRE)--Aug. 7, 2006--
GREM USA (OTCBB:GRMU) CEO Edward Miers is pleased to announce to shareholders the action by the Board of Directors approval to purchase up to 300,000,000 (three hundred million) shares of GRMU common stock in the open market. The August 4th, 2006 8-K filing outlines the details of the buy-back program with an estimated value of up to $1,200,000 (one million two hundred thousand dollars) over the next two years. This buy-back will commence on Monday August 7, 2006. Mr. Miers was quoted as saying, "The current market conditions and our recent business developments are such that buying our shares on the open market at these prices is a prudent use of corporate funds while adding shareholder value." Mr. Miers further stated, "We believe this strategy will also work toward GREM USA's eventual up listing to a larger exchange."
In further news the Company entered into a mortgage agreement in the amount of $440,000 at 9.75% interest with Interbay Funding, LLC. The financing has been collateralized by real property; and is also personally guaranteed by Mr. Miers. "Using a mortgage loan rather than other toxic financing options like convertible debentures or pipe financing shows we are serious about rapidly expanding and securing shareholder value through solid business decisions and a strong business model," stated Mr. Miers. "This will provide the Company with the necessary cash flow to begin immediate production and shipment of their product line." Mr. Miers continues to emphasize, "There will be no reverse split at this time and we see no need to increase the current share structure."
After the release of the 8-K filing on August 4th, Mr. Greg Reszel and Mr. Miers were interviewed by SubPennyRadio.com and stated, "On July 31st we delivered The Bill Leverty Free Radical to Bill and he loved it." The recording artist and lead guitarist of FireHouse was thrilled with his new guitar and during his exhaustive instrument evaluation said, "The sound is so sweet, I have to rerecord all the tracks on my upcoming album with this guitar. The GREM is just unbelievable and I can't describe the playability and sound. I haven't played a guitar as fine as the GREM in my entire 36 years of playing." As stated in the July 4th press release, Bill Leverty entered into an exclusive endorsement agreement with GREM USA. Mr. Miers also said, "While we were in Virginia we visited the Richmond Guitar Center where Bill purchases the majority of his equipment and believes they are the premier music outlet in town." Jason Morris manager of the Guitar Center and his staff members were impressed by the quality of the six GREM guitars that were showcased by Bill Leverty in an impromptu jam session in the store. Several of the associates commented, "Of the approximate 500 guitars we offer these are by far the 'sickest' guitars we have ever played. They look cool, play cool and are just incredible instruments." The full August 4th interviews with Mr. Reszel and Mr. Miers will be available as a podcast beginning Wednesday August 9th from www.subpennyradio.com/interviews and www.gremusa.com.
It has come to GREM's attention that several stock promotional services are following GREM closely. GREM has not solicited, endorsed, or contracted with these companies and has no intention of doing so. Company information and updates are released through official channels deemed by the Company.
As stated by Mr. Miers, "I would like to thank everyone who has visited the factory and especially our long-term shareholders for their continued faith and patience as we continue to advance the Company forward. The new GREM USA website continues to evolve since its makeover in July and will continue to do so as GREM adds more features and exclusive artists while increasing the Company's presence in the custom guitar industry. The Company currently has six original guitar designs including 'The Bill Leverty Free Radical' and will introduce two additional designs this fall totaling eight original designs by GREM."
Any interested parties are encouraged to visit the factory and schedule a tour for an opportunity to see the progress and achievements made thus far. Likewise, music store dealers, collectors, and music enthusiasts interested in purchasing the Company's custom handmade guitars are encouraged to phone the Company directly at 260-456-2354 or visit http://www.gremusa.com for more information.
About Guitar Center
Guitar Center is the leading United States retailer of guitars, amplifiers, percussion instruments, keyboards and pro-audio and recording equipment. Our retail store subsidiary presently operates 187 Guitar Center stores across the United States. In addition, our Music & Arts division operates 94 stores specializing in band instruments for sale and rental, serving teachers, band directors, college professors and students. We are also the largest direct response retailer of musical instruments in the United States through our wholly owned subsidiary, Musician's Friend, Inc., and its catalog and web site, www.musiciansfriend.com. More information on Guitar Center can be found by visiting the Company's web site at www.guitarcenter.com.
About SubPennyRadio
SubPennyRadio is a commercial-free, interactive broadcast offering listeners exclusive interviews with subject-matter experts, insight into enterprising companies, and detailed technical analysis. The show scans the trading field covering well-known companies to undiscovered market gems trading on the U.S. stock exchanges and OTC/OTCBB. SubPennyRadio encourages "better investing" by highlighting common characteristics of stocks on the verge of a breakout in their particular industries. Emphasis is on due diligence that include reviewing charts, SEC filings, and news events. For additional information visit: http://www.subpennyradio.com.
About GREM USA
GREM USA is a development stage company focusing on design and manufacture of custom handmade and mass-produced electric and acoustic guitars, amplifiers and accessories. For more information, please contact Edward Miers, Chief Executive Officer, phone 260-456-2354. http://www.gremusa.com and additional designs can be viewed on the Greg Reszel website at http://www.gmreszel.com
This press release contains certain "forward-looking" statements, as defined in the United States Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Statements, which are not historical facts, are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, the Company's ability to execute its business strategy, the Company's ability to consummate and complete operations, the Company's access to future capital, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors that may be identified from time to time in the Company's public announcements. The Company undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
This press release is provided for information purposes only and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities.
Source: GREM USA
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GREM USA Fort Wayne IN Edward Miers 260-456-2354
Posts: 2049 | From: Jax,FL,USA | Registered: Nov 2003
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Moving....Volume is pouring in. Average 60 day vol = 18 mil. Right now (20 minutes after open), we're at 100 mil!
Up 37%
-------------------- "Sometimes I lie awake at night, and ask, 'Where have I gone wrong?' Then a voice says to me, 'This is going to take more than one night.'" - Charlie Brown (Charles Shultz) Posts: 719 | From: Leesburg, VA | Registered: Jul 2005
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-------------------- i wish one day i would be rich but the wish is all in your hand!! Posts: 239 | From: New Jersy | Registered: Mar 2006
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quote:Originally posted by Lootcifer: I wonder how long before the buyback gets completed. This stock is very cheap. Could we see something like PAIM here?? Just a thought
company may purchase up to 10 percent of each days volume at the best average bid price, they are buying back 300 million shares over the next 2 years per the PR released today.
Posts: 2503 | From: connecticut | Registered: Mar 2005
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quote:Originally posted by Lootcifer: I wonder how long before the buyback gets completed. This stock is very cheap. Could we see something like PAIM here?? Just a thought
company may purchase up to 10 percent of each days volume at the best average bid price, they are buying back 300 million shares over the next 2 years per the PR released today.
I see.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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I've been around! This one looks like it has a major move in it so I will play a bit here! .0009 was hard to get and it keeps holding very nicely on the bid side!
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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This kind of volume today will allow the company to buy back much greater amounts of stock, because of the 10% of daily volume buyback restriction! Bring on the volume! The more the better!
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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Somebody is banking a boatload of this stock at .0009 and there must be a reason there doing that! ARCA with a 100m share order at .0008 is just sitting there waiting for a drop and a pop! I say this one move up today and tomorrow!
-------------------- Nothing moves a sub like news!!! Posts: 3346 | From: Leominster,MA,US | Registered: Jul 2003
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I agree Ric, this will explode pretty soon. I had this on the watchlist Friday but way at the bottom of the list and thought whoever posted it was insane, but look whats happening now.
-------------------- Best Regards and Good Trading Posts: 239 | From: Florida City, FL | Registered: Jul 2006
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GRMU has been under the radar for so long most folks aren't aware of it. I like the company and the bid levels are still holding pretty strong. We shall see what the day brings. GLTA
-------------------- It will run when you least expect it. :) Posts: 1161 | From: NC | Registered: Mar 2005
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Can you imagine what will happen if this takes off like PAIV or PAIM??? This only starting to come on a lot of people's radar. This week should be very interesting. The stock hasn't seen volume like this in ages.
-------------------- Now We Movin On Up!! Posts: 211 | From: Los Angelos | Registered: Oct 2004
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Blahhh... couldn't get filled. Lunchtime pullback is only hope now. Well I'll leave it open but looks like it's getting ready to run again.. Good luck all
-------------------- Thanks Matto. Thanks Juice. Posts: 2945 | From: USA | Registered: Feb 2006
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GRMU looking good imo . I remember PAIM traded the same way before the huge run up MMs acted like they had millions of shares.
Posts: 50 | Registered: Mar 2006
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