posted
Heritage Capital Credit Corporation Announces Stock Repurchase Plan
WILMINGTON, Del., Oct 09, 2007 /PRNewswire-FirstCall via COMTEX/ -- Heritage Capital Credit Corporation (OTC: HCPC) announced that its board of directors has authorized a plan to buy back stock on the open market over the next year. The Company's plan includes using 35% of its income following each project funding to buy back stock.
The board's sentiment is that the current market price for the stock does not adequately reflect the intrinsic value of the stock and therefore, the Company should take advantage of the low price.
The Company expects to receive a 5% origination fee at the closing and funding of each commercial project. That cash revenue will be used for general and administrative expenses and to repurchase stock. The buy back is expected to reduce the number of shares outstanding, thereby increasing the value of the shares available. Revenues are expected to be generated by year end.
Shareholders have been asking if the Company is planning a stock reverse split. At this time, that is not in the plan. However, in the future it may be considered when a strategy is developed for moving up to a national stock exchange.
About Heritage Capital Credit Corporation
The Heritage business model, which is implemented through its subsidiary, Independent Capital Credit Corporation, is to originate and prepare real property and commercial revenue producing assets for securitization. Once securitized, the documentation can be delivered to investors for funding. To date, the Company has not delivered any projects for funding.
Safe Harbor
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking information made on the company's behalf. All statements, other than statements of historical facts which address the company's expectations of sources of capital or which express the company's expectation for the future with respect to financial performance or operating strategies, can be identified as forward-looking statements. Such statements made by the company are based on knowledge of the environment in which it operates, but because of the factors previously listed, as well as other factors beyond the control of the company, which include the ability of the company to implement its business plans and consummate the proposed acquisition, actual results may differ materially from the expectations expressed in the forward-looking statements.
SOURCE Heritage Capital Credit Corporation
-------------------- This is the first day of the rest of my life.... Posts: 34 | From: Lower Michigan | Registered: Mar 2007
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
