Covalent Group, Inc. Announces Discontinuation of Stock Buyback Program
WAYNE, Pa., Dec. 10 /PRNewswire/ -- Covalent Group, Inc.
(OTC Bulletin Board: CVGR), announced today that it is discontinuing its
previously announced stock buyback program at this time. From its inception
through yesterday, Covalent purchased 12,500 shares of its common stock in the
open market under its stock buyback program.
Bruce LaMont, President and Chief Executive Officer commented, "The stock
buyback program was implemented by Covalent enabling the Company to acquire
its common stock at a solid value. However, the discontinuation of the stock
buyback program at this time is to insure that Covalent continues to maintain
net tangible assets sufficient to meet the initial listing criteria required
by Nasdaq for inclusion in the Nasdaq SmallCap Market. We believe listing by
Nasdaq will be in the best interests of our current and future shareholders.
Covalent will continue to monitor carefully the market for its common stock
and may reintroduce its buyback program if it is deemed to be in its
shareholders' best interest."
Covalent provides drug development and health management solutions to drug
and device manufacturers, as well as to managed care organizations. To aid
its pharmaceutical and managed care customers, Covalent has developed an
automated data collection system using an interactive voice recognition system
-- Virtual HouseCall(TM).
This press release contains forward-looking statements. The actual
results might differ materially from those projected in the forward-looking
statements. Additional information concerning factors that could cause actual
results to materially differ from those in forward-looking statements is
contained in Covalent Group, Inc.'s SEC filings, including periodic reports
under the Securities Exchange Act of 1934, as amended copies of which are
available upon request from Covalent's investor relations.
SOURCE Covalent Group, Inc.
CONTACT: William Robinson, CFO of Covalent Group, 610-975-9533,
or Internet, cracorp.com
Company News On Call: prnewswire.com or fax, 800-758-5804, ext. 107322 Web Site: cracorp.com
-------------------------------------------------------------------------------- |
