[Stock Buy Back]
Hi Pat,
The following might explain:
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RELEASE DATE: May 2, 1997
CONTACT: Susan Schoenhals - Investor Relations, 604-421-5422
Email: susan_schoenhals@spectrumsignal.com
SPECTRUM SIGNAL PROCESSING TO BUYBACK UP TO 460,000 SHARES
Burnaby, B.C., Canada - May 2, 1997 - Spectrum Signal Processing (NASDAQ NMS: SSPIF / TSE: SSY) announced today that the Company will pursue a normal course issuer bid to buyback up to 460,000 shares of its own stock (4.97% of 9.248 million shares outstanding on April 30, 1997) in the open-market.
"The company had $6.3 million in cash as of March 31, 1997, an increase of $5.6 million in the past twelve months, which allows us to repurchase our stock without impacting our ability to finance ongoing business," states Barry Jinks, Spectrum president & CEO. "We are convinced that a buyback of our stock at current market levels is a sound investment of a portion of cash reserves," adds Jinks.
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Regards,
Ed... |
