Imaging3, Inc. (IMGG) to Implement Stock Buyback Plan

Mar. 24, 2011 11:11 AM ETIMGG
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Located in Burbank, California, Imaging3 has quickly made a name for itself as a leading provider of medical imaging devices. Imaging3 is unique in that the company produces 3D medical images of virtually any part of the human body is real-time. Today, the young corporation announced a management stock buyback plan.

Effective immediately, the Board of Directors of Imaging3 has approved the repurchase of up to 5% of the outstanding Common Stock. The stock will be purchased by various members of the company’s own management team.

The stocks will be purchased from time to time at prevailing market prices through open market or unsolicited negotiated transactions which are dependent upon market conditions in accordance with Rule 10b-18 and the reporting of other requirements of section 16 of the Securities Exchange Act of 1934, as amended. The repurchase program is expected to continue over the next 12 months unless extended or shortened by the Board of Directors.

Leading the way at Imaging3 is Dean James who serves as the company’s Chairman and CEO. Commenting on what effect this program may have on the future of Imaging3, James was quoted as saying, “Our open market purchases by management over the course of the next year reflects management’s continued confidence in Imaging3′s business strategy and growth prospects as we continue the FDA approval process. Based on current market prices, we believe the repurchase program is in the best interests of our shareholders.”

To learn more about the company as a whole, visit their website at: imaging3.com

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