Cienega Creek Holdings, Inc. was pleased to announce today that it has completed a privately negotiated stock repurchase agreement for 75% of the company’s outstanding stock. As terms of the agreement, the company acquired 7 million shares from the estate of its former director and retired the shares through cancelation. This action substantially reduced the number of outstanding shares. The company now has 2,294,250 outstanding shares, 895,250 of which are free-trading and unrestricted.
Michael Klinicki, president of the company, commented, “Shareholder value was the driving force behind the purchase. We are committed to providing our shareholders with the very highest value for their investment and I think our record speaks for itself. Our company remains completely debt free, has no short or long-term liabilities, and has enough cash on hand for us to meet our business needs and redirect operations over the next year to obtain profitability.”
Cienega Creek Holdings also told investors that it has changed its business focus from retail and service to technology and manufacturing. Mr. Klinicki stated, “Given the weak retail market and the high degree of risk currently associated with traditional store-front endeavors, it made sense for us to look in a new direction. With change comes opportunity. As part of the redirection, we are currently in discussions with other businesses regarding the possibility of merger. We plan to release more details of these changes soon.”
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