ANAHEIM, Calif., Aug. 3, 2004 (PRIMEZONE) -- Gateway International Holdings, Inc. (Pink Sheets:GWIH) announced today that the Company has completed its share repurchase program. The Company announced the buyback program in early 2003 and has repurchased a total of 800,000 shares of common stock. The repurchased common stock will be retired, thereby reducing the total outstanding shares to 15,983,000, a reduction of 4.8%.
Gateway International's CEO, Larry Consalvi, commented on the share repurchase program. "Early last year our Board of Directors took a serious look at where our earnings from operations should be allocated. Over the last 18 months, we were able to repurchase 800,000 shares of our outstanding common stock. We were able to complete this share repurchase in addition to acquiring Eran Engineering, who brings an excellent source of additional earnings to the Company. The reduced number of outstanding shares, coupled with strong profitability across operating subsidiaries, leads me to believe that we are well positioned to increase earnings per share at an accelerated rate in the future."
About Gateway International Holdings, Inc.
Gateway International Holdings, Inc. (OTC: GWIH) is a diversified holding company that operates through its wholly-owned subsidiaries. The company currently has 2 subsidiaries in operation including: Elite Machine Tool Company, Inc. and Eran Engineering, Inc. Elite Machine Tool Company is a sales and marketing company focused on Computer Numerically Controlled (CNC) machine sales. Eran Engineering manufactures specialized components for numerous equipment and machinery for clients in the aerospace and defense industry.
"SAFE HARBOR" NOTE:
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Since such statements involve risks and uncertainties, the actual results and performance of the Company may turn out to be materially different from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein; however, readers should carefully review reports or documents the Company files from time to time with the Securities and Exchange Commission.