MANCHESTER, N.H., Oct. 6 /PRNewswire-FirstCall/ -- QED Connect, Inc. (OTC: QEDN), a New York corporation ("QED Connect"), today announced that its Board of Directors has approved a buyback of up to 10% of QED's outstanding common stock. The buyback program, if fully completed, will reduce outstanding shares by approximately 1 billion and is expected to be completed over the next 90 days. QED is currently in discussions with a potential investor to raise the funds for the proposed buyback.
Tom Makmann, President and CEO of QED Connect, Inc added, "The decision to re-purchase the stock is in preparation for QED to continue its acquisition strategy. We are currently looking at opportunities for additional strategic partners that would complement our business model. Our recently initiated joint venture, Sofame Energy, Inc., is in process of ramping its business in the US and we expect to begin realizing the benefits during this quarter."
About QED Connect, Inc.
QED Connect, Inc. is a New York corporation holding company which makes acquisitions, investments, and enters into strategic business partnerships. The Company seeks businesses with strong potential which QED can assist in achieving their plans and realizing their maximum potential. This business model achieves the Company's goals and expands its overall revenue and profits and diversifies through entry into the multiple market segments. It is QED's intention to help its partners and subsidiaries realize growth, and that growth would, in turn, enhance QED's ability to increase shareholder value. www.qedconnect.com
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of QED Connect, Inc., (the "Company") to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to finance the joint venture with SoFame Technologies, Inc., and to fund QED's overall expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its joint venture, SoFame Energy, Inc., and to fund QED's growth, generally ; (iii) successfully obtain and fill potential joint venture product orders; (iv) generate sufficient revenue and efficiently manage operations to obtain profitability; (v) competitive factors and developments beyond the Company's control; fund and complete its common stock buy-back strategy and (vii) other risk factors.
SOURCE QED Connect, Inc.