ATLANTA, July 21, 2010 (GLOBE NEWSWIRE) -- Gregory Evans, CEO of LIGATT Security International, (Pink Sheets:LGTTD) a premiere cyber security company, today announced his decision to buy back LIGATT Security International for two cents a share, or 20% above the bid price at the time of the company's shareholders approval.
"LIGATT Security has run its course as a publicly traded company. I have accomplished what I set out to do to build the foundation of what soon will be a powerhouse security company," says Gregory Evans, Founder and CEO of LIGATT Security.
LIGATT Security will continue to be a publicly traded company. If successful with the buy back, Evans and a few institutional investors will own 100% of the company. LSI will be sending out proxies, as well as distributing a press release announcing the details of a special shareholders meeting to be held in the upcoming months. At the meeting, LSI's shareholders will have the opportunity to vote on the buyout price. Evans will be offering to purchase 20% above the bid price, or two cents a share depending on whichever is greater the day of the shareholders meeting. If the stock price drops below two cents then Evans will purchase all the shares at two cents. If the price goes up to fifty cents (as an example) then Evans will purchase all the shares for sixty cents a share. There will be a cap on the stock price that Evans will pay for the company. The details of the stock buyout will be in the proxy that will be mailed to all the registered shareholders.
"I think this would be a great move. My team and I are ready to move forward with this decision," comments Evans.
About LIGATT Security International
LSI is the nation's premier hi-tech security company and recognized as a leader in computer security and cyber-crime investigation. It is a publicly traded company whose mission is to be the nation's leading provider of hi-tech crime investigations, by protecting their clients against Black Hat Hacking one CPU at a time. For more information about LIGATT Security International visit www.ligatt.com.
***This press release was done in-house by a LIGATT Security International staff member. LIGATT Security International never has and never will use stock promoters, or outside Investor Relations firms.***
Safe Harbor Act: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.