BEVERLY HILLS, Calif., March 19, 2007 (PRIME NEWSWIRE) -- Imperia Entertainment, Inc. (Pink Sheets:IPEI) announced today that its board of directors has approved a $500,000 plan to buy back company stock on the open market to reduce the outstanding shares and enhance shareholder value. The plan calls for the company to repurchase on the open market up to $500,000 of its stock, from time to time, at the discretion of management. The company reserves the right to modify the plan, depending on market conditions. The plan will commence approximately two weeks after the company's closing of a $10 million bond deal with Nexxus One Capital Trust of Switzerland, A.G. The bond is expected to close next week, and the company intends to monetize the bond within two weeks after closing.
"We feel that the market has discounted the price of our shares too steeply, and that a share buyback program would enhance shareholder value, restore shareholder confidence, and would be a good use of a portion of the capital we see from the bond financing," said Kenneth Eade, Company Chairman and Acting CEO. "With this share repurchase program we are affirming our confidence and optimism in the long term future of the company," he added. "I would also like to add that the company has no plans to do a reverse split of its stock at any time in the future, and this would not make any sense given our current buyback strategy," said Eade.
About Imperia Entertainment:
Imperia Entertainment, Inc. (www.imperiaentertainment.com) is a company that has emerged as a player in the area of independent film production and distribution, once monopolized by the major film studios. The company engages in investing in and producing and distributing full-length feature films. Along with its equity interest in "All That I Need" (www.allthatineed.net), released in theaters last year, and now being marketed for DVD distribution, Imperia's film properties include its feature film, "Say It In Russian" (www.sayitinrussianmovie.com), starring Faye Dunaway, Steven Brand, Alex Nesic and Agata Gotova, and the award-winning "Autograph" television series (www.autograph.tv), which airs on the OlympuSAT system. Imperia is now in production on its feature film surrounding the world of mixed martial arts (MMA), "Never Submit," starring Cam Gigandet and MMA stars Ken Shamrock, Mauricio Shogun Rua, Cung Le, Michael McDonald, Josh Koscheck, and Nate Quarry.
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 Imperia Entertainment, 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. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. 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.