| LRAD(R) Corporation Extends Share Buyback Program Through December 31, 2014 | LRAD(R) Corporation Extends Share Buyback Program Through December 31, 2014
SAN DIEGO, Dec. 10, 2013 (GLOBE NEWSWIRE) -- LRAD Corporation (NASDAQ: LRAD), the world's leading provider of long range acoustic hailing devices (AHDs), today announced that its Board of Directors has approved an extension of the Company's share buyback program through December 31, 2014. Under the terms of the program, the Company may repurchase its outstanding common shares from time to time in the open market and in privately negotiated transactions, depending on market conditions, share price and other factors. The Company plans to fund the buyback program with available cash and from cash flows from operations.
"The strong cash flow generated during our fourth quarter ended September 30, 2013 allows us to extend our repurchase program, which we believe will create shareholder value," noted Tom Brown, President and CEO of LRAD Corporation. "We continue to maintain a debt free balance sheet and strong working capital, which will allow us to make any necessary investments in order to grow our business and penetrate the fast growing mass notification market."
The timing and amount of any shares repurchased will be determined based on the Company's evaluation of market conditions and other factors, and the program may be discontinued or suspended at any time. Repurchases will be made in compliance with all Security and Exchange Commission rules and other legal requirements and may be made in part under a Rule 10b5-1 plan, which permits stock repurchases when the Company might otherwise be precluded from doing so.
About LRAD Corporation
LRAD Corporation is using long range communication to peacefully resolve uncertain situations and save lives on both sides of its proprietary Long Range Acoustic Device(R). LRAD(R) systems are in service in more than 65 countries around the world in diverse applications including fixed and mobile military deployments, maritime security, critical infrastructure and perimeter security, commercial security, border and port security, law enforcement and emergency responder communications, emergency warning and mass notification, asset protection and wildlife preservation and control. For more information about the Company and its LRAD systems, please visit www.lradx.com. |
