Penny Stock News
Jul 28, 2008 10:35:00 AM
SCOTTSDALE, AZ -- (MARKET WIRE) -- 07/28/08 -- PetroSun, Inc. (PINKSHEETS: PSUD) announced today that the Board of Directors has authorized the buyback of up to 12 million shares or approximately twenty-five percent of the company's common stock currently issued and outstanding over a nine month period.
"The share buyback plan demonstrates the Board of Directors confidence in the cash-generating capabilities of our algae-to-biofuels technology and the recently announced oilfield tubing and casing sales agreement," stated PetroSun CEO Gordon LeBlanc, Jr. "This share repurchase plan will honor our commitment to increase shareholder value."
The timing of repurchases and the number of shares repurchased will depend upon business and financial market conditions.