Contact Information: Contact: Frank R. Erhartic, Jr. 434-239-4272
Sitestar Announces Share Repurchase Program
Company Authorized for Repurchase of 10,000,000 Shares
| Source: Sitestar Corporation
LYNCHBURG, VA--(Marketwire - October 22, 2008) - Sitestar Corporation (OTCBB : SYTE ), a
provider of residential, business and wholesale Internet access, web
hosting and value-added products and services, announced today that its
board of directors has approved a share repurchase program authorizing the
Company to acquire from time to time up to 10,000,000 shares of its common
stock.
"Because we believe that the recent share price does not accurately reflect
the underlying value of our Company, we have implemented this stock
repurchase program to demonstrate our confidence in the continued growth of
Sitestar and to reinforce our commitment to deliver shareholder value,"
said Frank R. Erhartic, Jr., CEO for Sitestar.
Shares from the repurchase program may be made, depending on market
conditions and the capital requirements of the Company, in the open market
or in privately negotiated transactions. The program will be in compliance
with Securities and Exchange Commission guidelines and applicable legal
requirements and the Company is under no obligation to repurchase shares.
The repurchase program may be expanded, suspended or discontinued at any
time depending on the performance of the stock price, general market
conditions and various other factors within on the discretion of
management.
As of October 22, 2008, Sitestar had approximately 91.3 million common
shares outstanding.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements that are based on
management's expectations, estimates, projections and assumptions. The
Company assumes no obligation except as required by law to update the
forward-looking statements contained in this press release as a result of
new information or future events or developments. These forward-looking
statements generally can be identified by words such as "believes,"
"expects," "projects," "anticipates," "foresees," "forecasts," "estimates,"
"should" or other words or phrases of similar import. Forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, as amended. These statements are
not guarantees of future performance and involve certain risks and
uncertainties, which are difficult to predict. Therefore, actual future
results and trends may differ materially from what is forecast in
forward-looking statements due to a variety of factors, including and
without limitation, as found in the Company's reports filed with the
Securities and Exchange Commission.
About Sitestar
Sitestar is an Internet solutions provider that offers consumer and
business-grade Internet access, wholesale managed modem services for
downstream ISPs and Web hosting. Headquartered in Lynchburg, Virginia,
Sitestar maintains multiple sites of operation and provides services to
customers throughout the U.S. and Canada. With a focus on competitive
pricing, reliability, service and speed, Sitestar delivers customer value.
For more information, visit www.sitestar.com.