Anything Brands Online, Inc. was established to capitalize on the potential of the Internet by developing online shopping centers featuring accessories and lifestyle products and services. Anything Mobile Electronics, Anything RV, Tradesman Tool, and Anything Super Mall are examples of the companyâ€™s efforts to expand market reach by presenting products that fit the transportation model as well as retail and commercial consumers in general.
The company recently announced that its myFreightWorld is posting record revenues for the second quarter of 2009, despite the current economic conditions. Anything Brands anticipates reaching $100 million annual managed revenue run rate by the end of 2009. Because current major infrastructure costs are sufficient to handle this growth, attractive EBITDA and cash flow is expected which will further boost the companyâ€™s ability to bring on additional growth through acquisition.
Earlier this month, Anything Brands Onlineâ€™s Board of Directors approved a share repurchase program that authorizes the buyback of up to 8 million shares of common stock at the companyâ€™s discretion, subject to market conditions, economic factors, the effect on shareholder dilution, adequacy of capital and the effect on liquidity. The repurchased shares will become treasury shares and retired. The company also said that it will be announcing any insider buying from the board of directors as well.
Commenting on the buyback, Mike Head, President of Anything Brands, stated, “This announcement highlights our strong belief that the investment community, perhaps due to overall market conditions, is significantly undervaluing Anything Brands Online’s stock currently, and not fully recognizing the strong margins and growth of our underlying operating businesses. The share buyback program also illustrates our undiluted confidence in the long-term growth of the company and our commitment to increasing shareholder value.”
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