Stock Repurchase Announcement:
TMSSequoia Announces Stock Repurchase Program
PR Newswire - July 08, 1999 16:52
STILLWATER, Okla., July 8 /PRNewswire/ -- TMSSequoia (OTC Bulletin Board: TMSS) today announced that its board of directors has authorized a stock repurchase program of up to 1,000,000 shares, or 7.3%, of TMSSequoia's outstanding Common Stock. The repurchase is to be used to support a new planned employee stock purchase plan, retirement of stock and/or any other use deemed wise by the board of directors. The program will be put into effect immediately. Repurchases may be made from time to time by the Company in the open market or in block purchases in compliance with Securities and Exchange Commission guidelines. "We believe, at the current prices, the buy-back is an attractive opportunity for the Company. The planned new employee stock purchase plan enlarges employee incentive by supporting their increased participation in ownership of the company," said Dana Allen, President and CEO.
The board resolution authorizes stock purchases only if the prices of stock are less than $.90 per share and after such purchases, the Company's cash or cash equivalents position does not fall below $400,000. As of February 28, 1999, TMSSequoia had $1 million in cash and cash equivalents.
The Company is filing an amended Form 4 to revise the May 1999 record regarding the recent stock transaction by President and CEO, Dana Allen. The stock was given as a no obligation gift rather than a sale of stock as earlier reported.
The proceeding contains forward-looking statements, dependent on certain risks and uncertainties. Among factors that could cause actual results to differ materially are orders received and shipped, an increase of cost of services, increased competitive pressures, other unforeseen delays, and risk factors listed from time to time in the Company's SEC reports.
About TMSSequoia
TMSSequoia (www.tmssequoia.com) is a software technology company that provides image-based and Internet software solutions for businesses worldwide. The company designs, develops and markets software tools and applications for image capture, enhancement, viewing, Internet viewing and forms processing, as well as offers software engineering and document conversion services. Founded in 1981 and based in Stillwater, Oklahoma, the company maintains a field sales office in the Silicon Valley area of California. The company has shipped over 1,000,000 document imaging units worldwide. Product and service clients include BancTec, Caere, Caterpillar, Diamond Head Software, EDS, General Dynamics, General Motors, Hewlett Packard, Learjet, Minolta, PriceWaterhouseCoopers, Ricoh, Toro, the U.S. Navy and Army, The World Bank, Xerox, Yamaha and others.
TMSSequoia is a registered trademark of TMS, Inc. All other companies named herein may be trademarks of their respective owners.
SOURCE TMSSequoia
/CONTACT: Anita K. Kunneman of TMSSequoia, 405-377-0880, or fax,
405-742-1707, or email, kunneman@tmssequoia.com/
/Web site: tmssequoia.com
(TMSS)
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