Published:
Somatic Systems, Inc. Retires Additional Shares
Somatic Systems, Inc. (PINKSHEETS: SMAS)
announced today that, as part of its current share buyback program, it has
retired an additional round of shares, effective by the end of the day.
The amount of shares retired today was relatively modest, totaling 50
million shares of common stock, but all of them were free-trading shares
and their cancellation reduces the "float" of Somatic Systems' stock.
Somatic Systems stated that it is currently in the process of completing
much larger additional acquisitions and cancellations of shares coming in
the near future. These events, deemed highly beneficial to shareholder
value, will be announced to shareholders as they are pending or have been
completed in the coming weeks.
Today's elimination of shares comes just over one week after the company
acquired and eliminated one billion shares, reducing the company's common
stock by over 12%. Approximately two weeks ago, Somatic Systems announced
it would begin a massive share acquisition and cancellation program, to
restructure the company's capital and grow share price without conducting a
reverse split of the stock.
"While this round of share retirements was much smaller than our last one,
we are pleased to announce it, as we are dedicated to eliminating as many
shares from our stock structure as we can to increase shareholder value,
whenever and as soon as we can," stated Somatic Systems CEO Steven
Aronstein. "We have much larger buybacks in our sights, and continue to
seek additional opportunities to remove restricted and free-trading shares
wherever possible."
About Somatic Systems, Inc.
Somatic Systems is the worldwide center for Clinical Somatics, the
groundbreaking drug-free, non-surgical approach to pain relief. This
proprietary system uses natural, non-invasive movement techniques --
conducted through one-hour hands-on sessions, therapeutic exercises
classes, and home exercises lasting as little as 5 minutes a day -- to
relieve pain and limitation resulting from accident, trauma and repetitive
stress, including back pain, knee pain, joint problems, carpal tunnel
syndrome, TMJ, scoliosis, bursitis, sciatica, headaches, tendonitis and
more. Clinical Somatics(TM) also provides performance gains and injury
prevention for casual and professional athletes.
Somatic Systems is pursuing a 3-part growth strategy, consisting of a
nationwide rollout of pain management Somatics Clinics; increased
production and distribution of therapeutic videos, books, and other retail
self-help Somatics Products; and expanded Somatics Training Programs to
supply Clinic practitioners serving medical and orthopedic professionals
and institutional and corporate programs. The company operates a suite of
web sites offering Somatics information, products, resources, and
opportunities, at www.somatics.org.
Safe Harbor Act: This release includes forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 that involves risks and uncertainties including, but not
limited to, the impact of competitive products, the ability to meet
customer demand, the ability to manage growth, acquisitions of technology,
equipment, or human resources, the effect of economic business conditions,
and the ability to attract and retain skilled personnel. The Company is not
obligated to revise or update any forward-looking statements in order to
reflect events or circumstances that may arise after the date of this
release.
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