press release
Jan. 30, 2014, 9:04 a.m. EST
Hollund Industrial Marine to Initiate Stock Buy Back
HIMR Looks to Leverage Resources for 5 Billion Share Repurchase Program
BLAINE, WA, Jan 30, 2014 (Marketwired via COMTEX) -- Hollund Industrial Marine, Inc. (pinksheets:HIMR) ("Hollund" or the "Company") an underwater forest management company, announced today that subject to final board approval, the Company plans to initiate a two-phase stock buyback program to reacquire up to five billion shares of its common stock.
Peter Meier, President of Hollund, stated, "Restoring shareholder value and investor confidence in our market is critical to our long-term success and remain primary objectives for this management. We believe this can partly be accomplished with a share buyback program."
Now that 99.5% of Mr. Lonnie Hayward's Preferred C shares have been eliminated -- substantially mitigating dilution -- management intends to initiate a plan allowing Hollund to repurchase and retire, between two billion and five billion common shares within two phases. While details have not been disclosed, Peter Meier suggested that funding the initiative would partly be accomplished utilizing a portion of the revenues generated from the Company's first project in Bayano.
Meier continued, "We intend to do two things here at Hollund. One, build the company into a global leader in underwater forestry, and two, as much as possible, grow and protect shareholder value. We are confident that a share repurchase program will assist us in achieving these goals as we believe the company remains undervalued, and can think of no better way to leverage our resources, than to buy back our own stock."
With an underwater forest recovery project in Panama on the threshold of start-up, along with a successfully executed stock repurchase program, Mr. Meier concluded, "shareholders could see a tremendous opportunity emerge, as the company enters a rapid stage of growth."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. (pinksheets:HIMR) seeks to align the interests of businesses, communities, utilities and governments by offering an integrated business model for underwater forest management. Hollund's model -- including resource and needs assessment, permitting, environmental and project planning, logging, milling, product branding and sales adds value for our shareholders, our partners and reservoir based communities.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.
