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Allegiant Professional Business Services Announces Stock Buy-back Program
ANAHEIM, Calif., July 30, 2009 /PRNewswire-FirstCall via COMTEX/ -- Allegiant Professional Business Services Inc. (Pink Sheets: APRO) a premier provider of financial services to small and medium-size businesses, today announced that its board of directors has approved the repurchase of up to an aggregate of 15,000,000 shares of its common stock.
David Goldberg CEO and Chairman of Allegiant stated, "Based on current market prices, our board and management have considered the current market price of our stock and have decided to introduce a share repurchase program of our common stock". Goldberg continued, "We believe that our stock is undervalued and that the repurchase program is a good investment".
The purchases may be made, from time to time, on the open market in compliance with Rule 10b-18 and will be funded from available working capital. The number of shares to be purchased and the timing of the purchases will be based on the level of cash balances, general business conditions and other factors.
Allegiant Professional Business Services Inc. provides financial services to small and medium-size businesses, relieving our clients from many of the day-to-day tasks that negatively impact their core business operations, such as payroll processing, human resources support, workers' compensation insurance, safety programs, employee benefits, and other administrative and aftermarket services predominantly related to staffing -- staff leasing, temporary staffing and co-employment. We not only provide core services but a wide selection of employee and employer benefits and aftermarket products.
Safe Harbor:
Statements in this press release that are not historical facts are forward-looking statements, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the U.S. Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K for the year ended Sept. 30, 2007, and its subsequent filings with the SEC.
SOURCE Allegiant Professional Business Services Inc.
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