WebMediaBrands Board Approves Stock Repurchase Plan
New York, NY - October 4, 2011 - WebMediaBrands Inc., (Nasdaq: WEBM) today announced that its Board has approved a stock repurchase program whereby WebMediaBrands may repurchase its common stock from time to time in the open market or through privately negotiated transactions. WebMediaBrands intends to finance the repurchase of its stock with cash and purchases will not be made if they would reduce WebMediaBrands cash below $1.2 million. The purchase plan is expected to continue indefinitely and the amount of purchases will depend on cash available and other investment and business opportunities.
Alan Meckler, WebMediaBrands' Chief Executive Officer, stated that, "In the opinion of WebMediaBrands' Board and management, the underlying business of WebMediaBrands is worth considerably more than is reflected in its current share price. If we are correct in our opinion, repurchases should enhance the intrinsic per-share value of WebMediaBrands shares and benefit shareholders who retain their interests."
About WebMediaBrands Inc.
WebMediaBrands Inc. (Nasdaq: WEBM) (http://www.webmediabrands.com), headquartered in New York, NY, is a leading Internet media company that provides content, education, and career services to media and creative professionals through a portfolio of vertical online properties, communities, and trade shows. The Company's online business includes: (i) mediabistro.com, a leading blog network providing content, education, community, and career resources (including the industry's leading online job board) about major media industry verticals including new media, social media, Facebook, TV news, sports media news, advertising, public relations, publishing, design, mobile, and the Semantic Web; (ii) InsideNetwork.com, a leading network of online properties dedicated to providing original market research, data services, news, events, and job listings on the Facebook platform, social gaming, and mobile applications ecosystems; and (iii) AllCreativeWorld.com, a leading network of online properties providing content, education, community, career, and other resources for creative and design professionals. The Company's online business also includes community, membership and e-commerce offerings including a freelance listing service, a marketplace for designing and purchasing logos and premium membership services. The Company's trade show and educational offerings include conferences, online and in-person courses, and video subscription libraries on topics covered by the Company's online business.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release that are not historical facts are "forward-looking statements" under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The potential risks and uncertainties address a variety of subjects including, for example: risks associated with acquisitions, including integration of operations; general economic conditions; the competitive environment in which WebMediaBrands competes; and the unpredictability of WebMediaBrands's future profitability, revenues, expenses, cash flows and stock price. For a more detailed discussion of such risks and uncertainties, refer to WebMediaBrands's reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934. The forward-looking statements included herein are made as of the date of this press release, and WebMediaBrands assumes no obligation to update the forward-looking statements after the date hereof, except as required by law.
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