Investors: Press Release
GeckoSystems' Board Authorizes Additional Share Buy Back
CONYERS, Ga., July 1, 2011 /PRNewswire/ -- GeckoSystems Intl. Corp. (PINKSHEETS:GOSY), a dynamic leader in the development and usage of "Mobile Robot Solutions for Safety, Security and Service"™ for the emerging mobile robotics industry, reported today its board of directors recently authorized a share buy back of over thirty million shares.
"We have long expressed and demonstrated our commitment to increasing stockholder value. At the beginning of this year we bought back 185,000,000 shares that reduced our issued and outstanding over 25 percent. Our second buyback this year of 40,000,000 shares reduced our issued and outstanding by more than 7 percent. This soon to be completed, third buy back of more than 6.6 percent of all issued and outstanding gives continuing substance to that commitment. Including this planned buy back, over 250,000,000 GOSY shares will have been purchased since the beginning of this year and will reduce the issued and outstanding to 466,160,675 of which 128,864,235 shares are in the public float. This latest stock buy back presents many benefits to our large shareholder base, just as a stock dividend would," said Martin Spencer, President/CEO, GeckoSystems Intl. Corp.
"It gives me great pleasure to be able to continue rewarding our loyal shareholders with another GOSY stock buy back. Our company has made some difficult decisions this year in order to continue with the development of our robotic technology and yet satisfy our long time shareholders. I am pleased that one of those decisions has been to lower our issued and outstanding number of shares by effectuating three stock buy backs," said Elaine Spencer, GeckoSystems' Corporate Secretary/Treasurer.
GeckoSystems has a well-educated and experienced management team that was able to secure its trading symbol by satisfying FINRA's 15c2-11 requirements. Subsequently, GeckoSystems became DTC eligible and a DRS participant to further enhance stockholder liquidity and value.
Martin Spencer stated, "Due to the need for equity financing for high-growth firms, GeckoSystems has worked for more than ten years to become fully reporting as soon as financially viable. In fact, the Company has been successfully audited twice, for two-year periods each, and found to be fully compliant under thorough outside financial audits prepared by SEC-certified CPA firms with the Financial Accounting Standards Board's (FASB's) generally accepted accounting principles (GAAP).
"As a result of the level of risk inherent in high-tech, emerging market development stage firms such as ours, especially during these challenging economic times, we clearly understand that only equity (not debt) instruments can provide sufficient return on investment (ROI) for investors to assume the risk of purchasing any high tech, emerging market stock such as GOSY," continued Spencer. "Hence our long-time efforts in this regard, and determination to continue our move upward to not only a more pronounced domestic stock exchange, but also those with international reach, such as OTCQX.
"We will complete this buy back forthwith to once again demonstrate our commitment to increasing stockholder value to our approximately 1,400 small investors. The 2011 outlook is exceptionally positive with numerous licensing initiatives presently in Japan, plus a significant technological breakthrough in GeckoImager™. These advances are expected to open up more markets in the near term. As promised in our February press release, we have now completed yet another stock buy back this year. We plan to effectuate more GOSY stock buy backs to further reduce the number of shares issued and outstanding until such time our price per share is no longer severely undervalued," concluded Spencer.
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