ALBUQUERQUE, N.M., Oct. 30, 2008 (GLOBE NEWSWIRE) -- AccessKey IP, Inc. (Pink Sheets:AKYI) announced today that the Company has embarked on a stock buyback initiative in a further effort to prepare AccessKey for the future growth of its businesses and its listing of the company on the OTC/BB. The Board of Directors have approved a stock buyback program to purchase up to 5% of the Company's outstanding Common Stock.
AccessKey IP's Chairman, CEO, George Stevens, stated, "As previously announced we have successfully restructured the remaining Company debts and debentures by extending them to September 2010 which will give the company an extended period of time to execute its business plan for both AccessKey and its subsidiary TeknoCreations without the immediate burden of repaying prior debt." Stevens continued, "The obvious next step in our efforts to strengthen the company's capital structure is to buyback some of its common stock, either on the open market or in private block purchases. Although the details have not been finalized we will begin moving forward with this plan immediately." As of September 30, 2008, AKYI outstanding shares were 363,776,388. The resolution allows the Company to purchase shares, at its discretion, over the next six months based on market conditions. The repurchased shares will be held by the Company as Treasury Stock for future use at the Company's discretion, including acquisitions and/or stock programs designed to attract and retain top managers and executives.
About AccessKey IP, Inc.
AccessKey IP, Inc. is a developer of cutting-edge technologies and best-of-breed products tailored to address the market opportunities created by the explosive growth of digital communications, entertainment-related services and specific consumer electronics platforms. AccessKey IP's AccessKey(tm) products, powered by the Company's patented technology, provide complete access to the coveted "Triple Play" Set Top Box (voice, video and data) and "Quadruple Play" Set Top Box (voice, video, data and wireless) offerings of cable, telecom, satellite and broadband service providers. The Company's AccessKey Home(tm) and portable flash drive-sized AccessKey PC(tm) allow subscribers to "channel surf" streaming "HD Quality" television content (IPtv), navigate the internet, watch Video on Demand (VOD) offerings, play video or internet-based games, listen to music, make phone calls (VoIP), video conference, run a full array of computing applications, securely store data and more, all from a single device and service provider network. Its' wholly owned subsidiary TeknoCreations was founded to participate in the explosive growth of Consumer Electronics and Business security needs, TeknoCreations designs high quality products with attractive pricing to enhance the consumer's favorite electronics products and the expanding security needs of corporate America.
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Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" 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. Those statements include statements regarding the intent, belief or current expectations of AccessKey IP, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
FOR INVESTOR INQUIRIES: Please visit the Company's website www.accesskeyip.com, or contact: Bruce Palmer, 310-734-4254.