Tuesday February 17, 6:33 am Eastern Time
Company Press Release
EndoSonics Announces $5 Million Stock Buyback
RANCHO CORDOVA, Calif.--(BUSINESS WIRE)--Feb. 17, 1998-- EndoSonics Corporation (NASDAQ:ESON - news), a leading developer and marketer of intravascular ultrasound (IVUS) and functional assessment products, today announced that its board of directors has authorized a stock repurchase program whereby the Company may repurchase up to $5 million worth of its common stock from time to time in open market or private transactions.
The Company currently has approximately 16.2 million shares outstanding.
''Given our opportunities in the marketplace, the strength of our product lines, and our solid financial position, the board believes that EndoSonics stock represents a compelling value at current prices,'' said Reinhard Warnking, president and CEO of EndoSonics.
''As of December 31, 1997, EndoSonics had approximately $23.0 million in cash and short-term investments. This capital, in addition to our cash from operations, is more than adequate to fund our growth objectives and this repurchase program. The repurchases would be retained in the treasury and may be used to fund employee stock purchase and stock option plans.''
EndoSonics develops, manufactures and markets intravascular ultrasound (IVUS) imaging products and functional assessment products to assist in the diagnosis and treatment of cardiovascular and peripheral vascular disease. For additional information on EndoSonics, please visit our Web site at endosonics.com.
This press release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ significantly from the results discussed in the forward-looking statements.
For a discussion of factors that might result in different outcomes, see the Company's Form 10K/A, form 10-Q, and the Registration Statement on Form S-4 filed with the Securities and Exchange Commission on June 13, 1997 and the Form 10-Q for the quarter ended September 30, 1997. |
