Timber Resources International Announces Repurchase and Retirement of Shares
12/2/03
WILMINGTON, Del., Dec 2, 2003 (BUSINESS WIRE) --
Timber Resources International, Inc. (OTC:TMBN) today announced the repurchase and retirement of 1 million shares of common stock. This repurchase has reduced the float to 17,030,346 common shares. The company's board of directors authorized a stock repurchase program
of up to 5 million shares in September 2003. Since the program's inception, Timber Resources International has rescinded the issuance of 2 million shares of common stock pursuant to a private placement. In addition, the company purchased and retired 5 million shares of common stock from one of its directors.
'Company management was pleased to be able to take advantage of this opportunity to make an installment towards the completion of the stock repurchase plan,' said Aziz Hirji, company Chairman and President. 'The retirement of 1,000,000 shares also contributes to our goal of enhancing the Company's capital structure.
'We believe the fact that we intend to continue to repurchase additional shares of our common stock speaks to the confidence we have in both our core business and our revenues through our new commercial Web site, TheWoodExplorer.com ( ).
About Timber Resources International, Inc.
Timber Resources International, Inc. is a publicly traded company focusing on a wide variety of forestry products, wood multimedia content, and e-commerce solutions for wood and wood related industries and applications.
