CHICAGO--(BUSINESS WIRE)--Ulysses Diversified Holdings Corporation (PINKSHEETS: UDHC) today announced that the Company plans to purchase up to 15 Million shares of its common stock as part of a share buy-back program during 2011. The plan calls for the repurchase from the open market and privately negotiated transactions but does not obligate the Corporation to make any repurchases at any specific time or situation.
The stock buyback plan was approved by the board of directors. The repurchase of stock will be determined by company officers from time to time based upon factors determined to be appropriate by those officers. This includes the amount of the corporation's available cash reserves, the price of common stock and the availability of other potential uses of its capital.
"This repurchase program demonstrates our confidence in our business and our commitment to building shareholder value. We feel our stock is greatly undervalued and feel it is an opportune time to show our commitment to the long term value of our company,” said Jean Howe, President and Chief Executive Officer.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.