BRAVADA International’s Board of Directors Approve a Share Buy Back Program for Fiscal Year 2013
LOS ANGELES--(BUSINESS WIRE)-- BRAVADA International Ltd. (www.OnlyLeggings.com) (Pink Sheets:BRAV) announced today that its Board of Directors has approved a share buyback program for fiscal year 2013. The decision by the Board was predicated on the increasing amount of free cash flow generated by its operations as well as the opinion that the shares of its common stock are dramatically undervalued given its annualized revenue, growth rate and profitability.
SEC approved guidelines shall be applied for administering its buyback program. The share buyback program shall consist solely of open market purchases. The Board of Directors has not set a limit as to the size of the program and expects the program to continue as long as its return on capital for its share buyback continues to yield ROI for shareholders.
“BRAVADA International is growing at a rapid pace and we expect this growth trend to continue,” replied Danny Alex, CEO of BRAVADA International. “I believe that our share price is grossly undervalued and we intend to take full advantage by using our growing free cash-flow to reduce our total shares outstanding. All shares purchased will be returned to treasury and retired.
BRAVADA owns and operates World of Leggings, WorldofLeggings.com, and OnlyLeggings.com. World of Leggings is a real world leggings superstore that specializes in all styles of leggings, tights and bodysuits. OnlyLeggings.com is an online leggings superstore for leggings such as faux leather leggings, cotton leggings, tribal leggings, bodysuits, metallic leggings and more.
This news release may contain statements about future expectations, plans, prospects or performance of BRAVADA International Ltd that constitute forward-looking statements for purposes of the safe harbor Provisions within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by phrases such as BRAVADA "believes," "intends," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
BRAVADA International Ltd.
Danny Alex, CEO
KEYWORDS: United States North America California