American Fire Retardant Corp. Announces Plans to Repurchase Stock.
SAN DIEGO--(BUSINESS WIRE)--Sept. 30, 2002
American Fire Retardant Corp. (OTCBB:AMFR), a fire protection company that specializes in fire prevention and fire containment, today announced that the company's board of directors has approved a plan to repurchase up to five million shares of the outstanding shares of the common stock of the company in open market purchases.
"We feel that because of current market conditions, coupled with the fact that management strongly believes that AMFR shares are trading well below current and future values, it is in the best interest of the company to begin repurchasing shares in the open market," stated American Fire Retardant Corp. CEO Raoul L. Carroll.
It is anticipated that the company will complete this buyback within the next 12 months as cash flow permits. The repurchases may be made from time to time in open-market transactions, or through privately negotiated transactions, subject to the availability of shares.
About American Fire Retardant Corp.
American Fire Retardant Corp. is in the business of developing, manufacturing and marketing a line of interior and exterior fire retardant chemicals. The company provides fire resistive finishing services through its "Textile Processing Center" for commercial users.
American Fire Retardant Corp. also designs new technology for future fire resistive applications that are being mandated by local, state and governmental agencies. Additionally, the company is active in the construction industry as sub-contractors for fire stop and fire film installations.
For a list of products available for purchase, visit the company's Web site at www.3in1hero.com.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this news release are forward-looking statements that involve risks and uncertainties and are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future periods to differ materially from forecasted results. There can be no assurance as to the effect the repurchase plan will have on the company.
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|Date:||Sep 30, 2002|
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