/CORRECTION - Signature Devices, Inc. Board of Directors Approves Stock Buyback Plan
14 Aprile 2011 - 7:01PM
Marketwired
In the news release, "Signature Devices, Inc. Board of Directors
Approves Stock Buyback Plan," issued earlier today by Signature
Devices, Inc. (PINKSHEETS: SDVI), we are advised by the company
that the last sentence of the first paragraph should read "2.5
cents per share" rather than ".0025 cents per share" as originally
issued. Complete corrected text follows.
Signature Devices, Inc. Board of Directors Approves Stock
Buyback Plan
REDWOOD CITY, CA -- April 14, 2011 -- Signature Devices, Inc.
(PINKSHEETS: SDVI) is today announcing that its board of directors
has authorized a stock repurchase plan in which the company intends
to buy back a portion of its outstanding shares from time to time
up to 2.5 cents per share.
The buyback plan was approved because the board and management
believe the stock presents an attractive investment and is
extremely undervalued. Under the plan, the company will buy back
shares through both public and private channels at prices believed
to be appropriate and in the best interest of its shareholders. The
repurchased shares will be held as treasury stock.
"Our current stock price isn't indicative of the value of our
company, and the buyback program is a very good use of part of the
company profits. At current prices, SDVI shares are trading
substantially below a good valuation, based on what we are
anticipating our 2011 revenues to be. This announcement illustrates
our confidence in the long-term growth of the company and our
commitment to returning capital to our shareholders," said Kenneth
Hurley, CEO of Signature Devices, Inc.
About Signature Devices, Inc.: Based in
Redwood City, Calif., Signature Devices, Inc.
(www.signaturedevices.com) creates and develops social networking
systems including social networking server software, social
networking games and console games, which it publishes through
Graffiti Entertainment, Inc.
The information in this press release includes certain
"forward-looking" statements within the meaning of the Safe Harbor
provisions of Federal Securities Laws. Investors are cautioned that
such statements are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including the future financial performance
of the Company. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it can
give no assurance that such expectations or any of its
forward-looking statements will prove to be correct. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release, and the
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events, or
circumstances after the date of this release except as required by
law.
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