Scope this out. From a Dec 2nd press release on the MVSI warrant call. Warrants expired on Dec 8th.
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MVSI Authorizes Open Market Repurchase of up to 2,000,000 Class A Warrants
PR Newswire, Tuesday, December 02, 1997 at 12:03
WASHINGTON, Dec. 2 /PRNewswire/ -- MVSI, Inc. (NASDAQ:MVSI), a
Washington, D.C. area broad based technology products and services company,
announced today that the Company's Board of Directors authorized, on December
1, 1997, the Company to make, from time to time and in such amounts as the
Company determines to be in the best interest of the Company and its
securities holders, open market repurchases of up to 2,000,000 MVSI Class A
Warrants.
MVSI publicly announced on October 30, 1997 that the Company's Board of
Directors had authorized the redemption of the Company's approximately
5 million outstanding publicly traded Class A Warrants, the 1 million non-
publicly traded Class B Warrants and the repurchase of up to 1 million shares
of MVSI common stock. From the redemption announcement to this date, over
700,000 Class A Warrants have been exercised totaling approximately $3,000,000
to the Company. The Class A Warrants, which trade on the Nasdaq National
Market System (NASDAQ:MVSIW), entitle the holder to purchase one (1) share of
MVSI Common Stock, $.01 par value, at $4.00 per share. The Class B Warrants
are privately held and each Class B Warrant entities the holder to purchase
one (1) share of MVSI Common Stock, $.01 par value, at $4.20 per share.
Edward Ratkovich, Chairman, President and CEO, stated: "We called for the
redemption of the outstanding warrants to take advantage of substantial new
business and investment opportunities. With our loyal securities holders in
mind, the Company has determined it to be in their best interest to repurchase
warrants to reduce any potential for arbitrage of the warrants so that our
investors may continue to participate in the Company's future operational and
financial success. (Italics Added!) Currently in the first quarter, our revenue run rates are
exceeding any previous quarter in the Company's history. Specifically, the
substantial new business and investment opportunities exist in software
development, to include Year 2000 conversion projects, and the software
technology training areas."
MVSI manufactures and integrates machine vision systems for robotics,
semiconductor and other industries, integrates and markets brand name
proprietary and generic high-end computer system products and support
services, provides technology training and performs computer software
engineering and development for systems applications, including implementing
solutions for the Year 2000 conversion.
Except for historical information herein, certain matters discussed in
this release include forward-looking statements that may involve a number of
risks and uncertainties, which projections and statements are made pursuant to
the "Safe Harbor" provisions of the Private Securities Litigation Reform Act
of 1995.
For additional public information on MVSI, Inc., please contact the
company at its principal executive offices at 8133 Leesburg Pike, Suite 750,
Vienna, Va. 22182, telephone 703-356-5353 and facsimile 703-356-5354. MVSI,
Inc.'s Web site is located at www.mvsiinc.com.
SOURCE MVSI, Inc.
-0- 12/02/97
/CONTACT: MVSI, Inc., 703-356-5353, or fax, 703-356-5354/ |
