Jan 30 2010
Bederra Corporation (PINKSHEETS: BEDA), a Houston, Texas based diversified medical services provider, has announced that the Board of Directors convened a special meeting to discuss a proposal to buy back a portion of the Company's issued and outstanding common stock.
The company stated that the Board discussed several options with regard to the financing of the buyback and is awaiting further discussions with their attorneys, accountants and finance sources. It is expected that the Board will meet again in 2 weeks to complete a buyback strategy, though conceptually the board approved it. Management stated that it would announce any and all specifics with regards to the proposed buy back as details are finalized. The company believes that some market manipulation is hurting its stock price and management reiterated that it intends to aggressively act to support the stock and enhance shareholder value.
As stated in earlier press releases, the company has a large appetite for acquisitions due to its strong belief that it can leverage its valuable insurance contracts to acquire several companies that do not currently have, or cannot obtain, these contracts in order to survive in the existing economy and health care environment. The company also has plans to reduce all debt and outstanding obligations over the next year to further effect an increase in the price per share of the company's common stock and provide for greater equity for the company to accomplish acquisitions.
Bederra Corporation SOURCE: Bederra Corporation