Wednesday, June 15, 2005
Billy Martin's USA (BLYM)
NEW YORK, May 17, 2005 (PRIMEZONE) -- Billy Martin's USA, Inc. (Other OTC:BLYM.PK - News), the upscale apparel and accessory brand with a 26-year history and heritage, announced today that the company will immediately begin to aggressively buy back BLYM stock.
According to CEO Doug Newton, who founded the company's first “western-lifestyle” retail store in New York City in 1978, “Our stock is one of the best buys in the market today, and we believe the best investment we can make is in ourselves.”
With 175 million shares in the float, out of a total of 340 million issued, Newton said, “BLYM is selling at a fraction of its potential value, and we believe that buying our stock will be both a bargain and blessing for us now and in the future. We also believe the buy back program can maximize return for all our shareholders while increasing the value of BLYM stock.”
“Stock prices aside,” Newton said, “our shareholder return over the long haul ultimately will be determined by our operating performance and the execution of our business strategies. But right at the moment, our stock price is undervalued, and so, like making horse shoes, we need to strike while the iron is hot.”
The stock is selling for substantially less than a penny a share. There have been no press releases in at least 5 years talking about earnings, revenues, cash flow, basically nothing but garden variety hype dressed up in fancy pants talk. If they really do sell a lot of $900 boots and $300 shirts, then that should be wonderful for investors. It reminds me of Jakk's Pacific toy company (JAKK) who had the same airs and in their case, they would piss off investors on a regular basis and the stock would tank and they'd have the gall to reprice their stock options. This company gives off the same creepy vibes.