Southwall Technologies Announces That It Is Expanding Its Stock Repurchase Program
Business Wire - September 21, 1998 19:05
PALO ALTO, Calif.--(BUSINESS WIRE)--Sept. 21, 1998--Southwall Technologies Inc. (Nasdaq:SWTX) today announced that it is expanding its stock repurchase program to acquire up to 10% of the shares of its outstanding common stock.
The company has approximately 7,612,000 shares of outstanding common stock which is net of 141,000 shares recently purchased in previously announced programs. The company plans to continue making stock purchases in the open market at prevailing prices over the next several months.
Commenting on the announcement, Thomas G. Hood, President and Chief Executive Officer of Southwall Technologies stated, "The company's further repurchase of its common stock is being done because we believe these shares continue to have greater value than our purchase price of such shares."
The company plans to effect such purchases pursuant to the rules and regulations of the Securities Exchange Commission.
Southwall Technologies Inc. designs and produces thin film coatings that selectively absorb, reflect, or transmit certain types of electromagnetic radiation. Southwall Products are sold into the architectural, automotive and electronics markets.
This press release may contain forward-looking statements as that term is defined in the Private Securities Reform Act of 1995, including, without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. All forward-looking statements included in the document are based on information available to the Company on the date hereof, and the Company assumes no obligation to update any such forward-looking statements. Further risks are detailed in the Company's filings with the Securities and Exchange Commission, including those set forth in the Company's most recent Form 10-K and Quarterly Reports on Form 10-Q.
CONTACT: Southwall Technologies Inc.
Thomas G. Hood or Bill R. Finley, 650/962-9111
www.southwall.com
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