Beacon Enterprise Solutions Group, an emerging global leader in the design, implementation, and management of high performance Information Technology Systems ("ITS") infrastructure solutions, announced that its senior management and directors will start making voluntary open market purchases of the company's common stock at various prices. It was also said that the company intends to establish a formal Executive Stock Purchase Program in the near-term.
According to the press release, a number of executives expressed a desire to re-engage in voluntary, open market stock purchases beginning May 4, 2012 (a minimum of 48 hours after the filing of the company's Form 10Q for the second fiscal quarter ended March 31, 2012). All open market purchases are to be made with personal funds at various discretionary times and prices and will have no impact on the company's financial statements or cash balance. Various executives have purchased Beacon stock before, and the insider purchases are expected to continue in the future.
Company insiders are currently subject to a blackout period, prohibited from purchasing stock, due to the recent ending of the company's fiscal second quarter 2012 and upcoming 10Q filing with the SEC. Beacon acknowledged the recent volatility in its stock price and that executives and directors may voluntarily purchase shares in the open market at their discretion, subject to applicable securities laws, after the blackout period ends.
"While we've experienced some recent challenges, our confidence in our business model and prospects for the future remain strong," stated Bruce Widener, CEO and Chairman of Beacon Solutions. "The executive team and board believe the Company's market value and growth prospects are not fairly reflected in its current share price, which represents a unique opportunity for our personal investment in additional Beacon shares. We're committed to leveraging our operational and execution expertise in the global ITS infrastructure market to maintain significant annual revenue growth, to achieve sustainable profitability, and to build long-term value for our shareholders, customers, partners and employees."
For additional information, visit the company's website at AskBeacon.com
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