DALLAS, June 17 /PRNewswire-FirstCall/ -- Southwest Resources, Inc. (Pink Sheets: SWRS) (the "Company"), a natural resources exploration, production, and mining company, today announced that pursuant to its previously announced stock repurchase program, that as of today's date the Company has repurchased 1.1 million common shares of Southwest Resources common stock.
The Company's management stated that this stock repurchase program authorization is partially in response to what appears to be a significant and concerted effort to suppress the price per share of the Company's common stock through short and or naked short sales by third parties. The Company's management believes that a short position continues to exist, and that its direct action to enhance shareholder value is critical to future growth and in the best interest of shareholders and the company.
The shares will be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending upon market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be held in treasury or used for ongoing stock issuances such as issuances under employee stock plans. There is no guarantee as to the exact number of shares that will be repurchased by the Company, and the Company may discontinue purchases at any time that management determines additional purchases are not warranted.
About Southwest Resources, Inc.
Southwest Resources, Inc. is an energy and mining company engaged in the acquisition, development, exploration and production of natural gas, crude oil, placer deposits of precious metals such as gold and platinum, and other income-producing natural resources. The Company is currently pursuing oil and gas properties in Texas, Oklahoma, New Mexico and Arizona and has mining rights in Utah. For more information, please visit the Company's website: www.southwest-resources.com.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. In connection with the "safe harbor" provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company's anticipated results, projections, or other expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
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SOURCE Southwest Resources, Inc.