InfoChoice directors increase stake
The Chairman of InfoChoice, John Mullen, has announced that he has increased his shareholding in the company buying just over 1.1 million shares on the market. CEO Chris Gosselin has also purchased additional InfoChoice shares. These purchases, which take the Chairman’s total holdings to 7,715,713 shares or 14.98%, underline their ongoing commitment in and positive outlook for the company.
The lapsing of the unsuccessful takeover bid from ISIS is allowing the Board and management to focus further on the core business. As previously announced the Company confirms that performance for the first quarter of 2001 continues to improve as projected with an increase in contract sales of 225% over the previous corresponding period resulting in a 48% increase in revenue, and together with the recent implementation of major cost savings, the company expects to trade profitably in the current quarter.
The company reported a cash position of $4.1 million as at the end of March representing a cash backing of approximately 8 cents a share compared to the current market price of around 5 cents. As previously announced, the company continues to seek ways to expand the business, both by building the existing operation whilst at the same time seeking opportunities to build critical mass through acquisition or other strategic initiatives.
For more information, contact:
CEO, InfoChoice Ltd
0411 537 830
City Public Relations
02 9281 7272