BLAINE, WA--(Marketwired - Mar 19, 2014) - Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the "Company") an underwater forest management company, announced today that the board is considering a plan to accelerate the stock buyback program.
"The Phase 1 buyback will be determined by our revenue recognition from the Bayano project," stated Peter Meier, President of Hollund. "With logistics currently unfolding, we will seek to take full advantage of our stock price, which we perceive to be extremely undervalued at this time."
Mr. Meier continued, "When you consider the Bayano project's size, tree volume and high value timber, all of these factors suggest to us that our current capitalization is significantly less than the projected net revenues from this single project. When you further consider the size of this untapped market, along with our global expansion plans, we believe now is a perfect time to commence a repurchase program. Ideally, we would repurchase as much as 10% of the issued and outstanding shares during the first phase of the program. If successful in achieving our reduction goals in the first phase, we would seek to increase our buyback by as much as 50% in a second phase."
The board is expected to approve management's accelerated buyback program shortly upon return from the team meetings in Panama, scheduled for later this month. The Company expects to book its first revenues from the Bayano project in Q2.
Mr. Meier concluded, "Our investment in the Bayano project has set off a chain reaction of events that has everyone at Hollund excited about our upcoming meetings in Panama and thrilled about our prospects to grow the industry globally."
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. (PINKSHEETS: HIMR), is an underwater forest management company which seeks to align the interests of businesses, communities, utilities and governments by offering an integrated business model for underwater forest management. Hollund's model, which includes resource and needs assessment, permitting, environmental and project planning, logging and milling, adds value to reservoir communities.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.