One of the sports memorabilia’s corporate giants is making a business move.
The Board of Directors of Dreams Inc, parent company of Mounted Memories , ProSportsMemorabilia.com and Fans Edge, has authorized the repurchase of up to $1,000,000 of the Company’s common stock as and when market prices make repurchases advantageous.
The repurchase program is effective immediately and will allow the Company to repurchase its shares in accordance with the requirements of the Securities and Exchange Commission on the open market, in block trades and in privately negotiated transactions, depending on market conditions and other factors. Purchases may be commenced, suspended, or discontinued at any time.
The repurchase program will be funded using the Company’s working capital. As of February 7, 2008, Dreams, Inc. has approximately 37,500,000 shares of common stock outstanding. Consequently, the Company will retire all shares that it purchases to authorized and un-issued stock, increasing the percentage ownership of all existing shareholders.
"We regularly analyze various companies’ valuations to determinewhether or not they are appealing acquisition targets for Dreams. We strongly believe that at the current market valuations of our own firm, Dreams, Inc. stock becomes our wisest investment. This has been our motivation in seeking Board approval for this plan," said Ross Tannenbaum, Dreams’ President & CEO.
"While we compete for the attention of the investment community with thousands of publicly traded companies, we are confident that the substantial growth this Company has achieved – averaging 38% growth a year for the past four years and generating profits on an annual basis for the last three – will resonate with investors and be reflected in our stock’s value," concluded Tannenbaum.