ST. AUGUSTINE, Fla., Sept. 8, 2010 (GLOBE NEWSWIRE) -- O2 Secure Wireless, Inc. (Pink Sheets:OTOW) today announced that its Board of Directors authorized a stock repurchase program under which up to fifty million shares of its outstanding common stock may be acquired in the open market over the next six months at the discretion of management.
The Company's management stated that this stock repurchase program authorization is partially in response to what appears to be a significant and concerted effort to suppress the price per share of the Company's common stock through short and/or naked short sales by third parties.
Further, the Company believes that despite progress in liquidity, visibility and price per share in recent weeks, the current share price is still believed to be significantly undervalued.
Management stated that its direct action to enhance shareholder value is critical to future growth and in the best interest of shareholders and the company. Within the next week, the company expects to have an account to trade in the open market and expects to begin its repurchase program.
The shares will be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending upon market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be held in treasury. There is no guarantee as to the exact number of shares that will be repurchased by the Company, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted.
About O2 Secure Wireless: O2 Secure Wireless is a Company that is currently developing numerous wireless tower facilities in the US. The Company is also instrumental in the development of wireless broadband communication services domestically. Under a recent merger with Earthcom Service Inc., the Company is currently being structured to provide affordable flat rate pre-paid wireless services in developing countries internationally.
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