I bought some ACTC at 2 today.
Applied Cellular Technology Directors Approve Strategic Plan To Improve Shareholder Value, Divest Non-Core Business Units And Repurchase Up To 5,000,000 Shares Of Common Stock
PR Newswire - September 14, 1998 08:42
Jump to first matched term
PALM BEACH, Fla., Sept. 14 /PRNewswire/ -- Applied Cellular Technology Inc. (Nasdaq: ACTC) has announced today the Board of Directors has approved a strategic plan to improve shareholder value.
The company will continue to focus on annual EPS growth with a target of 20% and implement a divestiture program designed to sell non-core business units. Also, in light of current market conditions, the company intends to limit the use of stock in future acquisitions, focusing on cash transactions and in addition, repurchase up to 5,000,000 shares of common stock.
"Applied Cellular Technology's dynamic growth model the last three years was driven by acquisitions that added growth to the top and bottom line of the company. Much of this growth was funded by the issuance of common stock. That strategy, supported by the majority of our shareholders, allowed us to build the sound financial structure we have today. As of June 30th of this year, the company suspended its use of stock to fund acquisitions and will focus on developing core businesses. Today, this is where we can deliver increased shareholder value," stated Chairman, Richard J. Sullivan.
Applied Cellular Technology Incorporated is a diversified communications technology company. The company's goal is to provide customers with integrated communication systems that are fast, reliable and cost effective. For further information contact the company's WEB site at appliedcell.com
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
SOURCE Applied Cellular Technology, Inc.
/CONTACT: Hayden, Buczek & Assoc., 843-272-4653, for Applied Cellular
Technology, Inc./
/Web Site: appliedcell.com
(ACTC) |
