COSTA MESA, CA--(Marketwire - Mar 1, 2013) - Vitamin Blue, Inc. (OTCQB: VTMB), a developer, producer and distributor of water boardsports apparel, accessories and related products, today announced that it will buy up to 5 million shares in the open market starting the week of March 4.
CEO Frank Ornelas commented, "Our share structure has remained the same and our market cap is much lower than last month. We decided that it will be a good investment going forward to buy back shares. We believe our fair value is much greater than our current share price. We are currently in talks with a world renowned Surfer, and have several exciting developments within the next coming days."
In addition, Vitamin Blue is currently looking to enter the 7 billion USD Eco Surfing market. Surfing materials mostly contain potentially toxic neoprene and other accessories like leashes, wax and wax comb, all of which are derived from petroleum. They will take centuries to biodegrade.
Vitamin Blue wants to take eco-friendly practices in the surfing industry as manufacturers begin to experiment with materials that are recycled, biodegradable and not derived from petroleum. Whether it is boards, wetsuits, waxes, or leashes, most surfers will only buy an eco-friendly product if it performs well and is around the same price as the more toxic products. The company wants to position itself ahead of the curve to become a pioneer in this new market.
About Vitamin Blue, Inc. (www.vitaminblue.com):
Vitamin Blue designs, develops, produces and distributes water boardsports apparel, accessories and related products. Founded in 1999, the Costa Mesa, California based company is part of the consumer goods sector and non-durables industry.
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