FORT LAUDERDALE, Fla., Aug. 29, 2002 (PRIMEZONE) -- The Board of Directors of Carcorp USA ("CUSA") (OTCBB:CUSA) today announced that it has authorized the purchase of up to 1,000,000 shares of its stock through open market transactions.
The Board of Directors has authorized the Company, from time to time, to enter into the marketplace to buy up to the one million shares of its stock at market prices. This action of the Board is effective immediately, reflecting the general attitude that the Company's stock is currently undervalued.
CEO and Chairman, Michael DeMeo stated, "Key Officers, Directors, Advisors, and myself, personally, along with the Company itself, will be purchasing shares of Carcorp USA stock in the open market from time to time because of the current depressed stock price. We do not believe that the current price reflects the underlying fundamentals of the Company, nor the anticipated growth of this financing segment that is currently under serviced." According to Mr. DeMeo, "The Company and the officers, directors and advisors will announce to the public the completion of such purchases as they occur."
Mr. DeMeo concluded by stating, "With the Special Committee actions that were announced yesterday, combined with today's Board action, I believe we are demonstrating our commitment to protecting shareholder value. The Company is dedicated to achieving its goal of at least a 28% growth rate in our gross revenues and net profits for the third and fourth quarters of 2002 over 2001."
FORWARD LOOKING STATEMENTS:
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. The company's actual results could differ materially from expected results. The Company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the Company will appropriately inform the public.
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