August 03, 2000 06:01am
Private Media Group's Board Authorizes Stock Repurchase Of up to 10% of Its Outstanding Common Stock
Source: Private Media Group Inc.
by: Company Press Release
(BARCELONA, Spain) -- Private Media Group Inc. (Nasdaq: PRVT - news) worldwide leader in premium-quality adult entertainment products, services and Internet content, announced today that its Board of Directors has authorized the repurchase of up to 10% of its outstanding common stock.
The Company anticipates that share repurchases will be made from time to time in the open market. There is no time limit placed on the authorization.
Private Media Group's President and CEO, Berth Milton, said: ``We are very focused on pursuing strategies that have the potential to enhance shareholder value. Repurchasing Private stock is one of the strategies and at current trading prices it represents one of the most interesting investment alternatives available. We believe our stock is currently trading at a discount.''
Other companies that have announced or executed share repurchase plans in recent times include: Citigroup, Eastman Kodak, Walt Disney, Exxon Mobil, Coca Cola, Morgan Stanley Dean Witter, Nokia, General Motors, Viacom, Bank of America, United Parcel Service of America and Honeywell.
The leading publicly-quoted adult entertainment company in the world, Private Media Group Inc., is the founder of the globally established brand name ``Private'' and has positioned itself in the marketplace with a visionary management strategy that combines both New Economy (Internet, multimedia, e-commerce) and Old Economy (videos, magazines) business models. Maintaining a total adult lifestyle philosophy, this is reflected in the Company's broad range of products and services, both proprietary and licensed, and its strategic policies of development, diversification and acquisition.
For more information, visit the Company's corporate Web site at www. prvt.com.
This release contains, in addition to historical information, forward-looking statements within the meaning of Section 27 of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgements of those issues. However, because those statements are forward-looking and apply to future events, they are subject to such risks and uncertainties, which could lead to results materially different than anticipated by the Company.
For further information, please contact: In Barcelona, Spain: Johan Gillborg of Private Media Group Inc., +34-93-590-7070, johan@milcap.es; or In London, England: Adam Reynolds of Hansard Communications.Com, +44-207-840-7782, adam.hansard@clsholdings.com
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