TORONTO, Jan. 20 /CNW/ - MortgageBrokers.com Holdings Inc. (OTCBB: MBKR) one of North America's leading mortgage brokerage brand and consolidation firms today announced that its Board of Directors has authorized a purchase of up to 2,000,000 shares of its issued and outstanding common stock as part of a stock buyback program.
"We believe that the current share price does not accurately reflect MortgageBrokers.com's long-term growth prospects and therefore this stock buyback represents an excellent investment opportunity for both the Company and our shareholders," said Alex Haditaghi, CEO and Chairman. "We believe this initiative will result in the most effective use of our capital. In addition, the strength of our balance sheet enables us to simultaneously execute this program while still retaining significant flexibility to achieve our long-term growth strategies and build greater value for our shareholders," concluded Mr. Haditaghi.
The timing and exact number of shares purchased will be at the Company's discretion and will depend on market conditions. All repurchases, which are expected to be funded from the Company's current cash and future cash flow, may occur in open market, negotiated or block transactions. The Company will not repurchase any shares from its management team or other insiders. This stock buyback program does not obligate the Company to acquire any specific number of shares and may be suspended or discontinued at any time.
MortgageBrokers.com is dedicated to re-branding over 40,000 small and medium mortgage brokerage ('SME') firms in North America while providing these entities scalability through a centralized shared services platform. MortgageBrokers.com is designed to facilitate continued ownership for these SME brokers while they work under the umbrella of one globally recognized brand. The Company provides centralized services in the areas of payroll and accounting, compliance, marketing, technology, HR and lead generation to afford its brokers improved access to potential customers through strategic alliances and partnerships. In September of 2008, Mortgagebrokers.com was voted Canada's No. 1 Emerging Growth Company in PROFIT Magazine's '9th Annual Hot 50 List of Canada's Emerging Growth Companies'. For more information, visit www.mortgagebrokers.com
Cautionary Note Regarding Forward-Looking Statements
Statements included in this press release, which are not historical in nature, are intended to be, and are hereby identified as 'Forward-Looking Statements' for purposes of safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended. Forward-Looking Statements may be identified by words including 'anticipate,' 'await,' envision,' 'foresee,' 'aim at,' 'plans,' 'believe,' 'intends,' 'estimates' 'expects' and 'projects' including without limitation, those relating to the company's future business prospects, and are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the Forward- Looking Statements. Readers are directed to the company's filings with the U.S. Securities and Exchange Commission for additional information and a presentation of the risks and uncertainties that may affect the company's business and results of operations. www.sec.gov.
Mr. Jody Janson Mr. Alex Haditaghi
Investor Relations CEO, Mortgagebrokers.com
E-mail: firstname.lastname@example.org E-mail: email@example.com
Tel: 585-232-5440 Tel: 416-410-4848
SOURCE MORTGAGEBROKERS.COM INC.
For further information: For further information: Mr. Jody Janson, Investor Relations, E-mail: firstname.lastname@example.org, Tel: (585) 232-5440; Mr. Alex Haditaghi, CEO, Mortgagebrokers.com Holdings, Inc., E-mail: email@example.com, Tel: (416) 410-4848