DELRAY BEACH, Fla., Aug. 2, 2006 (PRIMEZONE) -- International Child Care Corp. (Pink Sheets:ICCR) ("ICCR") announced today that its Board of Directors has approved the implementation of a share repurchase plan. Under this plan, ICCR may repurchase up to 100,000 shares of its common stock.
ICCR anticipates that share purchases will be made from time to time, depending upon market conditions. Shares may be purchased in the open market, including through block purchases, or through privately negotiated transactions. ICCR does not intend to repurchase any shares from directors, officers or other affiliates of ICCR. The repurchase program does not obligate ICCR to acquire any specific number of shares and may be discontinued at any time.
ICCR intends to fund the repurchases with available cash. The repurchase program is expected to be in effect through December 31, 2006, or until the approved number of shares has been repurchased.
About International Child Care Corp.
ICCR was formed to take advantage of what its management believes to be significant market opportunities for childcare and after-school programs. Through its ownership in Child Care Corp., the parent company of Children of America, Inc., ICCR has implemented an aggressive sales and marketing program to take advantage of such opportunities. Children of America now operates eleven facilities in Virginia and Pennsylvania serving over one thousand children, and has entered into leases for 24 additional facilities in Delaware, Maryland and New Jersey, which it hopes will be fully functioning by the end of 2008. Children of America believes that its facilities not only provide child care but also create a learning environment for the children they serve.
Note: Statements in this press release which are not historical, including management's intentions, hopes, beliefs, projections, plans or predictions of, or for, the future are forward-looking statements based upon current expectations and assumptions. Investors should not rely on such forward-looking statements, as they are subject to various risks and uncertainties which could cause actual results to differ materially from those anticipated in such forward-looking statements. Certain factors may affect whether these planned events occur, including the performance of Children of America's child care facilities, Children of America's cash flow, and the price of ICCR's shares. Any forward-looking statements provided from time-to-time by ICCR represent only management's then-best current estimate of future results or trends.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of ICCR.