Point of information. Remember Touchstone Applied Science Associates
that Joe gave as a pick some days back. They have just announced a
substantial stock repurchase plan. TASA: NASDAQ
BREWSTER, N.Y.--(BUSINESS WIRE)--April 15, 1998--Touchstone Applied
Science Associates (NASDAQ: TASA - news), Brewster, N.Y., announced
today that its Board of Directors has authorized the repurchase of up to $250,000 of its
common stock. The shares will be purchased in the open market at
prevailing prices and at times and amounts to be determined by management as market
conditions and its capital position warrants. At the Company's current market
price, this would represent up to approximately 200,000 shares or 2.4% of its 8.5
million shares of common stock outstanding. Shares purchased will be placed in
treasury and may subsequently be reissued for general corporate purposes.
Andrew L. Simon, President and CEO, commented that ''this is the first time in our
history as a public corporation that the Board has approved a repurchase of
outstanding shares in the open market.'' In approving the common share repurchase
program, the Company's Board of Directors noted TASA's excellent cash
position and prospects relative to the current market value of the Company's shares.
The Board believes,'' Mr. Simon continued, ''that our stock is undervalued
based on our internal growth prospects and the favorable business opportunities
available to the Company. |
