The amount of shares retired today was relatively modest, totaling 50 million shares of common stock, but all of them were free-trading shares and their cancellation reduces the "float" of Somatic Systems' stock.
Somatic Systems stated that it is currently in the process of completing much larger additional acquisitions and cancellations of shares coming in the near future. These events, deemed highly beneficial to shareholder value, will be announced to shareholders as they are pending or have been completed in the coming weeks.
Today's elimination of shares comes just over one week after the company acquired and eliminated one billion shares, reducing the company's common stock by over 12%. Approximately two weeks ago, 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.
"While this round of share retirements was much smaller than our last one, we are pleased to announce it, as we are dedicated to eliminating as many shares from our stock structure as we can to increase shareholder value, whenever and as soon as we can," stated Somatic Systems CEO Steven Aronstein. "We have much larger buybacks in our sights, and continue to seek additional opportunities to remove restricted and free-trading shares wherever possible."
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.