CUMMING, Ga., Feb. 2, 2024 -- Metavesco, Inc. (OTC PINK: MVCO), a web3 enterprise and digital asset innovator, today announced it has authorized a common stock buyback program of up to $1 million.
This strategic decision comes after careful consideration of the Company's stock performance, comparative market analysis, and comprehensive review of the Company's long term goals. The Board has determined that the current market price of Metavesco, Inc.'s common stock does not reflect its fair value. In response, and with a firm belief in the intrinsic value and future growth potential of the Company, the Board has authorized a stock repurchase program under Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
Key Highlights of the Stock Repurchase Program:
Authorization Amount: The Company is authorized to repurchase up to $1 million of its common stock.
Program Duration: The repurchase program will commence immediately and will conclude on February 1, 2025.
Method of Repurchase: Stock repurchases may be made from time to time on the open market at prevailing market prices or through privately negotiated transactions, in accordance with applicable securities laws and Rule 10b-18 provisions.
Execution: The Company may engage one or more investment banks and brokers to assist with the execution of the stock repurchase program.
Ryan Schadel, President and CEO of Metavesco, Inc. stated, "A portion of revenue generated from our bitcoin mining operations will be used to fund this program. In crypto vernacular, we are mining bitcoin to burn share supply. I believe this repurchase program is in the best interest of Metavesco, Inc. and its shareholders. It reflects my confidence in the Company's value and future prospects, as well as the Company's commitment to managing capital in a way that supports shareholder interests.
About Metavesco
Metavesco is a web3 enterprise and digital asset innovator. The Company generates revenue as a crypto liquidity provider via decentralized exchanges such as Uniswap, and the Company farms tokens via Proof of Stake protocols. The Company has bitcoin mining operations at hosted facilities in TX, KY and IA. The company also invests in promising NFT projects and virtual land including OthersideMeta. Through its wholly owned subsidiary, the Company operates Boring Brew, a specialty coffee company utilizing owned and licensed NFT IP as unique packaging.
Safe Harbor Statement
This press release contains statements that constitute forward-looking statements. These statements appear in a number of places in this press release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; and (iii) growth strategy and operating strategy. The words "may", "would", "will", "expect", "estimate", "can", "believe", "potential", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is included in the Company's filings on otcmarkets.com.
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SOURCE Metavesco, Inc.
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