ESCMF is WAY oversold at current level. We should see a pop up soon.
Window dressing is hehind us and I saw a very strong support at $7.0 today. I suspect that ESCMF was buying back stocks in the last two days. ESCMF announced on 9/2 to buy back stocks when it was trading $22 a share. With the same amount, it can buy back 3M shares now.
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Wednesday September 2, 9:04 am Eastern Time
Company Press Release
SOURCE: ESC Medical Systems Ltd.
ESC Medical Systems Establishes Share Repurchase
Program
YOKNEAM, Israel, Sept. 2 /PRNewswire/ -- ESC Medical Systems Ltd. (Nasdaq: ESCMF - news) announced today that
its Board of Directors has authorized a share repurchase program in which the Company will offer to purchase up to 1 million
shares of ESC's outstanding common stock from time to time in open market transactions.
Israeli corporate law, in contrast to U.S. corporate law, requires prior court and shareholder approval for share repurchases.
Accordingly, ESC intends to file a motion with the Israeli District Court requesting approval of the repurchase. The Company
will also convene a shareholders' meeting to approve the repurchase program.
Dr. Shimon Eckhouse, President, Chief Executive Officer and Chairman of the Board, commented, ''This action reflects
management's increased confidence in the future direction of the Company and our commitment to increase shareholder return.
We believe that ESC's share price is undervalued relative to our growth prospects and that the timing is appropriate to initiate a
share repurchase program.''
ESC Medical Systems Ltd. develops, manufactures and markets medical devices utilizing both state-of-the-art lasers and
proprietary intense pulsed light source technology for non-invasive treatment of varicose veins and other benign vascular
lesions, as well as for hair removal, skin cancer, skin rejuvenation and other clinical applications. In addition, the company
markets surgical laser systems for use in a variety of medical applications, including ENT, OB/GYN and neurosurgery.
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including,
without limitation, risks associated with the Company's dependence on a limited number of products, uncertainty of market
acceptance, an limited number of customers, as well as risks of downturns in economic conditions generally, and in the health
care industry specifically, risks associated with competition and competitive pricing pressures, and other risks detailed in the
Company's filings with the Securities and Exchange Commission.
SOURCE: ESC Medical Systems Ltd.
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