Reis Buys Back 194,123 Common Shares
Under the ongoing stock repurchase program, Reis is permitted to repurchase an aggregate of up to $1.5 million of its common stock. As of October 17, Reis had repurchased an aggregate of 214,523 shares of its common stock at an average price of $2.75 per share, for an aggregate purchase price, including commissions, of around $600,000.
As a result, Reis is currently authorized to repurchase an around $900,000 of additional shares under the program.
Company CEO Lloyd Lynford said of the block purchase, "This purchase of a sizeable block of shares by Reis shows our strong confidence in Reis's future prospects and reaffirms our commitment to our previously announced stock repurchase program."
New York-based Reis was formed through a May 2007 merger between privately-held Reis, Inc. and Wellsford Real Properties, Inc. Reis carries on the businesses of "Private Reis" and Wellsford.
Reis's flagship product is Reis SE, which provides web-browser based online access to information and analytical tools designed to facilitate both debt and equity transactions and ongoing evaluations.
Prior to the Merger, Wellsford was a public company operating as a real estate merchant banking firm, which acquired, developed, financed and operated real properties and invested in private real estate companies. The company's primary operating activities immediately prior to the merger were the development, construction and sale of its three residential projects and its roughly 23% ownership interest in Private Reis.
The company said it is seeking to exit the residential development business in order to focus solely on the commercial real estate information services business.
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