|PDGT News out - Share buyback + O.S. no Change|
Paradigm Updates on Outstanding Shares and Announces a Stock Buyback ProgramLast update: 10/16/2008 8:44:00 AMGEORGETOWN, Mass., Oct 16, 2008 /PRNewswire-FirstCall via COMTEX/ -- Paradigm Tactical Products Inc. (Pink Sheets: PDGT), a leading provider of detection technology and homeland security solutions to the military as well as to the corrections, law enforcement and security industry updates shareholders on the company's current outstanding share count and announces a stock buy back program. Paradigm would like to report to its shareholders that there are currently 839,680,555 outstanding shares, unchanged from our last report.
The company has made significant progress over the course of the last year, and has reached certain milestones that have prepared it for strong growth in early 2009. For many months management has recognized that the company has been extremely undervalued. Vincent Cammarata stated that at the time, we were primarily focused on getting our new products developed and manufacturing underway. At the same time we have always believed that a share buyback program would not only benefit the company, but also its shareholders.
In September we voted to go forward with the intended share buyback program and buy up to 200 million shares of the company's stock commencing in January 2009, for a period of 4 months thereafter. It is our intent to purchase the stock in the open market by using a portion of our profits from the sales of our new products, the RadSafe, StealthSensor and others that are scheduled to be added to our line in the near future. We believe that the share buyback program is a positive move for everyone. We are very confident that with the strong demand for our products, along with our future anticipated sales, next year should be a great year for the company and our shareholders.