Here's the PR on EMBX: Monday August 5, 9:57 am Eastern Time
Press Release
SOURCE: Embrex, Inc.
Embrex Board Authorizes Share Repurchase Program to Acquire Up To 6 Percent of Outstanding Shares
Program Allows Repurchase of Up to 500,000 Shares Over 17 Months
RESEARCH TRIANGLE PARK, N.C., Aug. 5 /PRNewswire-FirstCall/ --
Embrex, Inc. (Nasdaq: EMBX - News), The In Ovo Company(SM), today announced that its Board of Directors authorized a share repurchase program to purchase up to 6 percent of outstanding shares, or approximately 500,000 shares in open market or privately negotiated transactions over 17 months. This is the third share repurchase program, following two previously announced share repurchase programs in which Embrex acquired approximately 1.2 million shares of its outstanding stock from 1998 through 2001, at an average price of approximately $12 per share for a total cost of $14.2 million.
The decision to authorize the repurchase program was reached after careful analysis of current market conditions, corporate strategy and Embrex growth objectives.
"While we will continue to articulate our opportunities and any challenges, Embrex is in a truly unique position," said Randall L. Marcuson, President and Chief Executive Officer. "We are able to fund continued growth and international expansion, which is important since 75% of the world's chicken is produced outside the United States. We are funding research projects and meeting relevant milestones. When combined with our existing products, we believe these new opportunities will allow us to access markets with combined values in excess of $800 million. We also continue to meet our ongoing capital requirements and grow revenues and pre-tax earnings, in addition to initiating this repurchase program. Even in today's environment, our fundamentals position us well for the near, intermediate and long-term."
The share repurchase program may be modified, extended or terminated by the Board of Directors at any time.
About Embrex
Embrex, Inc., The In Ovo Company(SM), is an international agricultural biotechnology company engaged in the development of innovative in ovo (in the egg) solutions that meet the needs of today's global poultry industry. The company's unique integration of several scientific and engineering disciplines enables it to be the leading provider of in ovo, value-added solutions with its automated injection and detection devices as well as its select vaccines. In addition to being named to Fortune Small Business (FSB) 100 List of America's Fastest Growing Small Companies for 2002 and 2001, 2002 Russell 2000® Index, Forbes 200 Best Small Companies in America for 2000 and 2001, and BusinessWeek's Hot Growth 100 for 2000, Embrex is also listed on the North Carolina Technology Fast 50, which honors the fastest growing technology companies in the state. For additional information, visit the company web site at www.embrex.com.
This release contains forward-looking statements, including statements with respect to future products, services, markets and financial results. These statements involve risks and uncertainties that could cause actual results to differ materially. Risks include without limitation the Company's ability to penetrate new markets, the degree of market acceptance of new products, the outcome of the Company's patent litigation appeal, the complete commercial development of potential future products or the ability to obtain regulatory approval of products. Such approval is dependent upon a number of factors, such as results of trials, the discretion of regulatory officials, and potential changes in regulations. These statements are also contingent upon continued growth and production levels of the global poultry industry and the economic viability of certain markets. Additional information on these risks and other factors, which could affect the Company's financial results, is included in the Company's Forms 10-K filed with the Securities and Exchange Commission (SEC) and other filings with the SEC.
EMBREX®, Bursaplex® and The In Ovo Company(SM) are trademarks of Embrex, Inc.
I have an order in for more at 11.05 myself...tuna |
