AND AN EARLY CHRISTMAS TO ALL !
Friday September 5 7:06 PM EDT
Company Press Release
Reliability Inc. Declares 2 for 1 Stock Split
HOUSTON--(BUSINESS WIRE)--Sept. 5, 1997--Reliability Inc. (Nasdaq:SYMBOL - news)
today announced that the Board of Directors has declared a stock split in the form of a dividend on
all outstanding Common Stock. The Company will issue one additional share of Common Stock for
each share of Common Stock outstanding to shareholders of record at the close of business on
September 22, 1997. The shares are expected to be issued on or about October 6, 1997.
Following the split, Reliability=s outstanding stock will increase from 2,983,227 shares to
5,966,454 shares.
Larry Edwards, president and CEO, explained the reasons for the split as follows:
``The Company wants to improve the liquidity in the market, reduce the spreads between bid and
ask prices, and make it easier for investors to buy and sell Reliability stock. With the recent increase
in the market price of the stock and the need for additional liquidity, we believe it is now
appropriate to increase the number of shares outstanding by splitting the stock two for one.
Reliability Common Stock has traded at prices ranging from $28.00 to $34.00 over the last four
weeks, up considerably from trading prices around $7.00 in late February and early March when
the Company repurchased approximately 1,270,000 shares from a shareholder. The split will
increase the number of shares outstanding to approximately 6 million.``
Reliability Inc. is based in Houston, Texas with operating facilities in Durham, N.C.; San Jose,
Costa Rica; and Singapore. Reliability and its subsidiaries manufacture burn-in and test equipment,
loading and unloading equipment and other peripherals for sale to manufacturers and volume users
of integrated circuits. The Company also manufactures a line of power sources, including
DC-to-DC power converters, and provides conditioning and testing services for integrated circuits
in Singapore and Durham.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in
this press release regarding Reliability's business which are not historical facts are ``forward looking
statements'' that involve risk and uncertainties, including, but not limited to, market acceptance of
our products and services, the effects of general economic conditions, the impact of competition,
product development schedules, problems with technology, delivery schedules, and supply and
demand changes for our products and services and our customers' products and services. Actual
results may materially differ from projections. |
