I Green Innovations considering share buyback programme

ERJ staff report (RD)

Matawan, New Jersey - I Green Innovations Inc., a “green” technology group that creates new products from recycled rubber, has announced its board of directors are considering a share buyback programme, the company said 17 March.

Under the terms of the programme, the board has authorised the company to make $75 000 (Euro 57 750) purchases “from time to time” during the next 12 months. At the present market price, the company said, this amounts to an anticipated purchase of around (35 percent) of the current common stock outstanding.

"The Company has taken this action as an indication of its commitment to its shareholders as the company believes that its share price is non-reflective of the Company's true value,” said chairman and ceo, Jerry Mahoney. “With our recent payoff of the outstanding convertible debentures, the company having no debt is positioned for growth with 'Green' products."

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Press release from Green Innovations, Inc.