RE:ENTERPRISE GROUP ANNOUNCES RESULTS FOR THIRD QUARTER 2022Since the initiation of the share buyback program, the Company has purchased and cancelled 9,042,500 shares at a cost of $1,945,784 or $0.22 per share. These shares have a carrying value of $1.43 per share for a total of $12,953,227 which has been removed from the share capital account over the entire share buyback program.
In addition to the share buyback program, during the nine months ended September 30, 2022, management exercised 4,881,000 options resulting in net proceeds of $901,070 being reinvested into the Company, creating a management ownership position of 39.4%.
Enterprise believes its stock remains undervalued as the Company's book value is $0.64 per share and management will continue to be aggressive in acquiring company shares.