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Letter to the Editor
Wednesday July 3
DriverShield Announces Stock Buy Back Program
DriverShield Corp. has announced that its Board of Directors approved a stock buy back program whereby the company may purchase, from time to time, up to 500,000 shares of common stock in the open market over the next twenty-four months.
Barry Siegel, Chief Executive Officer, stated, "In February 2002, we sold our fleet management business for $6.3 million and received an equity investment of $1 million. Our cash position exceeds $8 million, or over $.80 per share. At the same time, our Internet-based CRM business continues to grow, giving great hope for the future. With the recent decline of the Nasdaq to five year lows, including our own stock, we believe that the markets have presented us with a great opportunity to repurchase our common stock when it is substantially undervalued."
DriverShield, founded in 1983, provides Internet-based collision repair and claims management services for auto insurance companies and offers automotive discounts and services programs to members of affinity groups, primarily through financial institutions and membership organizations.
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