SOHM, INC., ANNOUNCES SHARES BUYBACK PROGRAM
CHINO HILLS, CA / ACCESSWIRE / February 26, 2019 / SOHM, Inc. (OTC PINK: SHMN), a generic Pharmaceutical, Nutraceutical, and Cosmeceutical company that manufactures and markets generic drugs covering numerous treatment categories, announced today that its Board of Directors has formally approved the initiation of a common stock share buyback program.
SOHM remains focused on continuing efforts to revitalize its business operations, while simultaneously seeking to ensure that the current and potential shareholders remain apprised of ongoing initiatives - all of which will help to ensure our ongoing commitment to maximizing shareholder value.
Accordingly, Mr. Baron Night, President and CEO notes that "we acknowledge that SOHM's current cap structure is not optimal. Instead of a reverse split, we would rather begin taking concrete steps to reduce the company's current outstanding shares while ensuring that our investors do not see their holdings reduced. To that end, the Board of Directors has agreed to engage in a public market based common stock share buyback program."
The buyback program as currently planned will take place between March 1, 2019 and February 28, 2021, with an initial target of 10% of the current outstanding shares of SOHM, Inc. common stock (approximately 154,000,000 shares), with not less than 50% to be retired. Pursuant to the safe harbor provisions of Rule 10b-18, these shares will be acquired by SOHM on the public market, and will be subject to the manner of purchase, timing, price, and volume restrictions specified therein.
SOHM's plan to repurchase these shares is subject to change at any time upon adequate public notice, with the number of shares and definitive timeline to be decided by market conditions and the company's financial status. Any changes to this plan will be noticed via press release and/or filing with OTC Public Markets.
About SOHM, Inc.
SOHM, Inc., is a growing generic pharmaceutical manufacturing and marketing company with a vision "Globalè Prospèro" that tries to build continuous growth. SOHM manufacturing and marketing targets the rapidly growing healthcare segments such as Nutraceuticals, Cosmeceuticals, and other major therapeutic segments. SOHM is headquartered in North America with manufacturing alliances in India as well as a strategic alliance with US manufacturing facilities. Although SOHM's generic pharmaceuticals are exported globally and were introduced to the USA in early 2013, SOHM continues its focus on distribution to emerging markets in Africa, Latin America, and Southeast Asia.
To know more about SOHM, Inc., visit www.SOHM.com
Safe Harbor Statement:
This news release contains "forward-looking statements", which are statements that are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on for the most recent fiscal year, our quarterly reports uploaded from time-to-time on OTCMarkets.com.
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SOURCE: SOHM, Inc.
02/26/2019 EQS Newswire / EQS Group AG