NEW YORK, Jan. 28, 2013 /PRNewswire/ -- InternetArray, Inc., (OTCPink: INAR), today announces up to a One Billion share buyback in a combination of open market and private transactions as part of a continuing corporate restructuring and cost-cutting initiatives. Additionally, the Company does not see the requirement for a reverse split of its common stock.
InternetArray, Inc., announced in December that it had eliminated nearly $2 million in long-term debt and accrued expenses. The Company is committed to providing shareholders' value and this restructuring is underway because management believes our common stock is extremely undervalued at these levels, and wants to instill shareholders' confidence by buying back shares to retire back to treasury.
Furthermore, InternetArray will enter China's $50 billion market by launching a social media network with Modiax.com. US companies don't have access to China's exploding social-media space. It reflects how different it is from those of many Western markets. Understanding that space is vitally important for anyone trying to engage Chinese and neighboring countries consumers: social media is a larger phenomenon in the world's second-biggest economy than it is in other countries, including the United States. Our new social media network will include several never-seen-before patented technologies that will be disclosed upon the launch of the website.
"We are very pleased to launch this joint venture with InternetArray. It has been a long time coming and we are very excited about our new, unique patented technology for the Social Media Networking market. We plan aggressive marketing campaign upon launch, and to be competitive with Southeast Asia's major social networks. Our association with InternetArray will certainly amplify our launch," comments Khiem Nguyen, CEO of Modiax.com.
About InternetArray, Inc. (www.internetarray.com)
InternetArray, Inc. provides guidance and investment for innovative, early stage Internet companies. The Company's mission is to identify and develop collaborative business partners into viable and profitable companies.
This press release may contain certain statements that are not descriptions of historical information, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These forward-looking statements refer to matters that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from the assumptions currently anticipated.
SOURCE InternetArray, Inc.