Talk about putting your money where your mouth is. Commerce Planet Inc. (OTCBB: CPNE) brass are doing just that. The company announced the progress of its recently announced stock buyback program earlier this week and the feedback is quite promising.
According to the news release, CPNE has repurchased at total of 4,336,000 shares of its Common Stock! If that’s not a key sign that management feels the company is undervalued, then I don’t know what is.
Speaking about the buyback program, Tony Roth, CEO of CPNE stated: “The stock repurchase reflects the Board’s confidence in Commerce Planet’s market opportunity and strategy, and what the Board continues to believe to be the undervaluation of the Company’s stock at current levels“. Mr. Roth concluded “We believe in the value proposition of our products and services, and we consider our stock to be a strong investment opportunity and a good use of our cash resources . . .”
CPNE also announced today that management will be attending the ROTH 20th Annual Growth Stock Conference to be held on February 18 – 21, 2008, at the Ritz Carlton, Laguna Niguel, California. With high level execs meeting with big time funds and institutional investors as a significant buyback program is being executed, I’ll be curious to see how the market reacts on 2/25 and beyond.
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