|Interactive gaming company Multimedia Games have announced that it intends to purchase up to one million shares of common stock in the Nasdaq SmallCap market.|
The decision comes after the SEC and all other major stock exchanges relaxed the restrictions on companies purchasing their stock in order to provide a source of liquidity to the markets.
The company is keen to stress that its revenues have remained strong despite the economic turmoil triggered by the tragic events at the WTC and the Pentagon on Tuesday. In a press release the company said that it was on track to ‘meet or exceed’ its prior earnings guideline.
“We have already purchased about 188,000 shares, and this authorization from our board will let us purchase another one million shares at the discretion of our management,” said Gordon Graves, chairman and CEO of MGAM. “We of course remain unreservedly confidant in the financial markets and have not changed our beliefs about the future of our company.”