SMAS - news) announced today that it has completed its first round of share buybacks and retired one billion shares of its common stock. The cancellation of these shares will become effective by the end of the day, and is expected to increase shareholder value considerably.Somatic Systems, Inc. (
Prior to retiring these shares, Somatic Systems had approximately 8 billion shares of common stock issued and outstanding. Cancellation of these shares brings the structure down to approximately 7 billion shares, reducing the company's common stock by over 12%.
The sizable elimination of shares comes less than 3 business days after Somatic Systems announced it would begin a massive share acquisition and cancellation program, to restructure the company's capital and grow share price without conducting a reverse split of the stock.
The company stated its intention to continue to acquire and retire additional shares. "This significant cancellation of shares is just the beginning," stated Somatic Systems CEO Steven Aronstein. "In addition to the strong efforts we are making to grow our market value by building our business through expansion and aggressive promotion and strategic contracts, we believe that removing as much as half our shares can help grow our value exponentially. We are just getting started."
Somatic Systems stated it will continue to announce the acquisition and retirement of shares as they are pending or have been completed in the coming weeks.
About Somatic Systems, Inc.
Somatic Systems is the worldwide center for Clinical Somatics™, the groundbreaking drug-free, non-surgical approach to pain relief. This proprietary system uses natural, non-invasive movement techniques -- conducted through one-hour hands-on sessions, therapeutic exercises classes, and home exercises lasting as little as 5 minutes a day -- to relieve pain and limitation resulting from accident, trauma and repetitive stress, including back pain, knee pain, joint problems, carpal tunnel syndrome, TMJ, scoliosis, bursitis, sciatica, headaches, tendonitis and more. Clinical Somatics™ also provides performance gains and injury prevention for casual and professional athletes.
Somatic Systems is pursuing a 3-part growth strategy, consisting of a nationwide rollout of pain management Somatics Clinics; increased production and distribution of therapeutic videos, books, and other retail self-help Somatics Products; and expanded Somatics Training Programs to supply Clinic practitioners serving medical and orthopedic professionals and institutional and corporate programs. The company operates a suite of web sites offering Somatics information, products, resources, and opportunities, at www.somatics.org.
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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SOURCE: Somatic Systems, Inc.