ROCKVILLE, Md.--(BUSINESS WIRE)--Visual Mining, Inc. announced today the completion of its stock repurchase program whereby the Company repurchased all the issued and outstanding shares of common stock owned by its original former employee Founders. The shares represented an approximate 30 percent stake in the Company.
“This is a positive and strategic move for Visual Mining. The board’s vote reflects our confidence in the company and its leadership. Coupled with Visual Mining’s consistent profitability, we believe the repurchase will strengthen the company further,” said Richard Dale, Principal at Sigma Partners.
The stock repurchase was voted on, and approved by the Company’s Board of Directors, and the series of transactions were completed as of the end of February 2008. The share repurchase program was funded entirely with by the Company with internal assets. The repurchased shares will be held as treasury stock to be used for general corporate purposes, or for issuance under the Company’s employee stock option plan.
“The Company has maintained a healthy balance sheet and has experienced a strong cash flow generated from the sale of our NetCharts products for many years now. This transaction underscores our financial strength and was a natural fit for our current, strategic direction,” said Tristan Ziegler, Chief Executive Officer of Visual Mining, Inc. “This transaction will provide Visual Mining flexibility to significantly ramp up our sales and marketing efforts, and afford us greater opportunity to pursue future transactions related to our growth strategy.”
About Visual Mining, Inc.
Visual Mining develops innovative graphical reporting, visual analytics, and performance dashboards for Business Performance Management. Visual Mining produced NetCharts® as the industry’s first commercial Java-based charting engine. Thousands of customers worldwide, from Fortune 100 companies to start-ups, from financial services to healthcare utilize Visual Mining’s award-winning solutions to transform their data into actionable information. Information about the company's products and services is available at www.visualmining.com.