Board of Directors Continue to Cite Attractive Share Price for Plan to Decrease Share Supply and Increase Shareholder Value
February 18, 2008
RICHARDSON, Texas--(BUSINESS WIRE)--Titan Global Holdings, Inc. ("Titan") (OTCBB:TTGLE), a high-growth diversified holding company, reported today on the Company's previously announced 4 million share open market buy back plan. As of today, the Company repurchased 1,274,157 shares of its common stock in the open market. Titan plans to continue its share buy back plan and based on market conditions, may expand it.
The management, directors, and strategic investors of Titan continue to increase their ownership. As of January 31, 2008, Titan had in excess of 2,000 shareholders. On February 15, 2008 Titan's stock closed at $0.48 per share. Titan's stock reached its 52 week high of $2.35 per share on October 18, 2007.
"Recently Titan has faced challenges at our Oblio Telecom Unit. We have faced those challenges, and Titan is executing on its plan of reorganization to restore shareholder value," said Bryan Chance, Chief Executive Officer and President of Titan Global Holdings. "We thank our long term investors for their support through these challenging times. As we trade close to historical lows, we may continue to make open market purchases."
Pursuant to SEC regulations 10b-18, the maximum price Titan can pay per share is the greater of the highest independent bid or the last independent transaction price quoted or reported; as for the daily quantity of shares purchased, the daily limit is 25% of the average daily volume for the preceding four week period.
Finally, once per week, Titan can forego the quantity limit defined above and make one block purchase of an unlimited size up to the unfilled balance of its approved buy back plan. A block is defined as a purchase price of $200,000 or more or at least 5,000 shares and a price of at least $50,000, or at least 20 round lots that totals 150% or more of the trading volume.
As Titan makes open market purchases, after settlement, such shares will be cancelled and the shares outstanding will be reduced. These purchases will be reported in Titan's Form 10-QSB and Form 10-KSB filed with SEC.
"As recently as last November, we raised common equity at $2.00 per share. If certain investors continue to sell their shares at low price levels compared to those over the last year, we may continue to exploit the buy back opportunities," said David Marks, Chairman of Titan Global Holdings. "As well, our recently announced reorganization and split up of Titan into four public companies may cause investors to re-evaluate the value of our common stock."
About Titan Global Holdings
Titan Global Holdings is a diversified holding company with a dynamic portfolio of subsidiaries spanning international telecommunications, electronics and homeland security, consumer products and energy resources and distribution.
Titan's operating divisions include the following:
Titan's Communications Division addresses a range of high-growth markets in the telecommunications, wireless and mobile segments. These units are focused on prepaid telecommunication products.
The Titan Global Energy Division aggregates traditional and next-generation energy and fuel assets that can provide significant opportunities for growth in one of the world's largest and most critical markets.
Titan Global Brands integrates, protects and expands brand management capabilities to leverage and optimize growth across Titan's worldwide distribution channels.
Titan Card Services plans to capitalize on the burgeoning multibillion dollar international prepaid money transfer sector. Titan Card Services proprietary technology provides for convenient and efficient international money transfers.
Titan's Electronics and Homeland Security Division includes Titan PCB East, Inc., Titan PCB West, Inc., and Titan-Nexus, Inc. These companies specialize in the manufacture of advanced circuit boards and other electronic products for classified military and defense department customers, and other high-tech clients.
For more information, please visit: www.titanglobalholdings.com.
For investor-specific information and resources, visit http://www.trilogy-capital.com/tcp/titan/ or http://www.b2i.us/irpass.asp?BzID=1314&to=ea&s=0.
To view current news, visit http://www.trilogy-capital.com/tcp/titan/quote.html. To view an investor fact sheet about the company, visit http://www.trilogy-capital.com/tcp/titan/factsheet.html.
Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of TTGL could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.
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