MATAWAN, N.J. (March 17, 2009)—Green Innovations Inc., which creates products from recycled rubber, said its directors are considering buying back shares in the company.
The board of directors authorized company management to acquire shares worth $75,000 from “time to time,” during the next 12 months. The purchase would account for about 35 percent of the firm's outstanding stock, at the current share price.
The action is shows the company committed to its shareholders, and the stock price doesn't reflect the firm's true value, said Chairman and CEO Jerry Mahoney.
Green Innovations makes products ranging from paver and patio blocks from recycled tire crumb rubber.