Amen Properties, Inc. Announces Repurchase Program for Common Stock
June 17 2010 - 12:58PM
Business Wire
Amen Properties, Inc. (Pink Sheets: AMEN), announced today that
its Board of Directors has approved a share repurchase program
authorizing the Company to repurchase from time to time, at
management’s discretion, up to 5,000 shares of the Company’s common
stock. The Board has not established an end date for this
repurchase program. Common stock acquired through the repurchase
program will be held as treasury shares and may be used for general
corporate purposes, including re-issuances in connection with
acquisitions, stock option exercises or employee stock plans.
Repurchases will be funded from existing working capital and future
earnings.
This announced share purchase program reflects management's
commitment to enhance shareholder value and create additional
liquidity for its shares which are currently quoted on the Pink
Sheets®, a centralized electronic quotation service for
over-the-counter securities.
The size, scope and timing of any purchases under the new
program will depend on a variety of business, market and other
conditions and factors, including price, cash generation from
operations, cash requirements for the Company’s operations,
regulatory and contractual requirements or consents, and securities
law limitations.
Repurchases under this program will be implemented from time to
time through a variety of methods, which may include open market
purchases, privately negotiated transactions, or by any combination
of such methods, all in compliance with Rule 10b-18 under the
Securities Exchange Act of 1934 and applicable insider trading and
other federal and state securities laws and regulations. This plan
does not obligate the Company to acquire any particular number of
shares. The repurchase program may be suspended, extended or
discontinued at any time without prior notice.
This press release is for informational purposes only and is not
an offer to purchase or a solicitation of an offer to sell shares
of the Company’s common stock. Existing shareholders interested in
learning more about this repurchase program may contact the Company
directly by calling Kris Oliver at (972) 664-1610.
This press release contains certain forward-looking statements
regarding the timing and manner of, and the sources of funding for,
the company's purchase of shares pursuant to the share repurchase
program. Such statements reflect management's plans, estimates and
beliefs, and are subject to risks and uncertainties, which could
cause actual results to differ materially from such statements.
Readers are cautioned not to place undue reliance on the
forward-looking statements contained in this release, which speak
only as of the date hereof. We undertake no obligation to update
publicly or revise such forward-looking statements.
About Amen Properties:
Amen is a Christian corporation with a strategic asset – a net
operating loss accumulated during the Company’s “dot com” past
totaling $28 million which can be used to offset tax liabilities
arising from future earnings. Amen seeks to own strong
energy-related assets and businesses with earnings which can be
shielded from taxes via the Company’s NOL. Currently, Amen owns
business and assets which fall into two categories: Energy Services
and Energy Resources.
Energy Services: Priority Power (www.prioritypower.net)
Priority Power is an independent energy management and
consulting services firm whose sole purpose is to act as an
extension of our clients’ staff to mitigate the risk and overcome
the challenges associated with energy supply, information, and
demand management. Priority Power has 1,200 clients representing
over 7.1 billion kilowatt hours and $650 million in annual energy
consumption.
Energy Resources: Oil and Gas Interests
Amen owns royalty and working interests in over 1,200 properties
in twelve states through its ownership of SFF Royalty, LLC (33.3%
ownership) and SFF Production, LLC (79.1% owner), the entities
which own the interests formerly held by Santa Fe Energy Trust.
AMEN Properties (PK) (USOTC:AMEN)
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