Blackbird International Corporation, an owner of WERPO renewable sea wave energy technology, will initiate a planned share buyback program of its common stock from the open market up to 7 million shares.
Shmuel Ovadia , Director and inventor of BBRD’s technology stated: “We believe the common shares of BBRD are very valuable and this share buyback program will not only strengthen the company’s capital structure, but ultimately increase the value of the shares to our loyal shareholders.
“This repurchase program demonstrates our commitment to building long-term shareholder value and further shows our confidence in the growth potential of WERPO. Given the strong demand for WERPO’s technology and the expansion of our brand, we see tremendous opportunities ahead.”
Share buybuck is a program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares.
The share repurchases will be made from time to time over the next 6 months at the Company’s discretion. The repurchase program may be suspended or discontinued at any time.