Lancer Orthodontics Announces Continuation of Common Stock Repurchase Plan
SAN MARCOS, Calif., June 1 /PRNewswire/ -- Lancer Orthodontics, Inc. (Nasdaq: LANZ - news) today announced that it has extended the possible repurchase of up to three percent (3%) of its outstanding common stock shares in the open market over the next 12 months, subject to market conditions and pricing.
Recently (since January 1, 1999 to May 31, 1999), the Company's common stock has traded on the NASDAQ SmallCap market in the range of $0.50 to $1.25, which is less than its tangible net book value. Management believes that the company's common stock is undervalued.
There are approximately 2.1 million common shares outstanding. Insiders control approximately 50 percent of these shares.
Mr. Doug Miller, Lancer's President, also stressed that the ''Lancer is continuing to expand its channels of distribution allowing the company to better serve its customer base of orthodontic groups. The Company's involvement in the managed care segment of the industry should positively impact the company in the future.''
Lancer Orthodontics develops, manufactures and markets state-of-the-art orthodontic products such as bands, brackets and buccal tubes worldwide. It is the only free standing public company in the field of orthodontic manufacturing.
Except for historical information contained herein, the statements in this Press Release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform act of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the Company's actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, the continued demand for the Company's products, availability of raw materials and the state of the economy. These and other risks are described in the Company's Annual Report on Form 10-KSB and in the Company's other filings with the Securities and Exchange Commission.
|
