NEW YORK, April 12, 2011 (GLOBE NEWSWIRE) -- El Maniel International Inc (Pink Sheets:EMLL) announced today that the Company plans to buy back up to 400 million shares of its issued and outstanding common stock as part of a Share Buy-Back Program. "This action is effective immediately and will run for a period of one year or until all of the shares have been purchased, whichever earlier by utilizing funds generated from bottom line profits as we do not believe that the current share price reflects the underlying fundamentals of the Company nor the anticipated growth from multiple income streams moving forward," according to Jamie Khoo, CEO and President of El Maniel International Inc. "Although the Company is not under any obligations to repurchase shares under this Share Buy-Back Program designed for its currently undervalued stock price, we are very excited about this initiative as it illustrates our confidence in the near to mid-term growth of the company and our commitment towards returning capital to our supportive shareholders."
El Maniel International Inc is a publicly traded company currently focusing in the gold domain including but not limited to trading, prospecting, developing and expanding the economic potential of world class mining claims located in Ghana, West Africa and the company is committed in creating shareholder's value by ensuring constant development of current and new resources in the region. For further information and updates on El Maniel, stay tuned to
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.
CONTACT: El Maniel International, Inc Investor Relations Contact: 212-726-2179 email@example.com