The Board of Directors of SearchCore, Inc. (OTCPK:SRER) authorized a share repurchase program on July 31, 2012. Under the program, the company will repurchase up to 11,200,000 shares from its executive, Justin Hartfield, and 28,872,289 shares from an individual seller Douglas Francis. The company as a consideration for the repurchased shares will issue to the each seller, $1.63 million worth of promissory notes, and will pay 70% of the net proceeds of at least $1 million resulting from the sale of company's securities, and a monthly payment of $1.63 million commencing on September 15, 2012, to January 15, 2013. Following the repurchase, Douglas Francis will resign as a Board member. The repurchases will be in compliance with Rule 10b-5. Following the repurchase, the outstanding shares will be reduced to 46,267,967 shares.


SearchCore, Inc. completed its share repurchase program on August 1, 2012.