Recycling Industries, Inc. Announces Continuation of Share Repurchase Program
ENGLEWOOD, Colo., July 14 /PRNewswire/ -- Recycling Industries, Inc., (Nasdaq: RECY - news), a company engaged in the consolidation, operation and integration of metals recycling companies, today announced that its Board of Directors has approved a continuation of its common share buy-back program of up to 700,000 shares of common stock in open market or privately negotiated transactions. Under the repurchase program previously announced on May 1, 1997 the Company purchased 66,000 shares. The shares will be used for an employee stock purchase program, which has been approved by the Board of Directors, subject to shareholder approval.
Tom Wiens, Chairman and CEO of Recycling Industries, said, ''The Directors believe that our shares are undervalued at the current price and that the purchase of the Company's outstanding common stock is an effective use of our cash, particularly given the fact that we will be able to use these shares to help further incentivize our workers.''
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