Warsaw, IN. . . January 29, 1997. . .(NASDAQ:BMET)
BIOMET COMPLETES SHARE REPURCHASE - EXTENDS
PROGRAM
Biomet, Inc. announced today that the Board of Directors of the
Company has extended the Company's previously-announced
Share Repurchase Program under which approximately 4,000,000
shares have been purchased. The Board has authorized the
purchase of up to an additional $60 million of the outstanding
Common Shares of the Company in open market or privately
negotiated transactions. The number of shares purchased, if any,
will be dependent upon market conditions. Purchases may be
made from time to time between January 29, 1997 and January
28, 1998.
Dane A. Miller, President and Chief Executive Officer of the
Company, said: "We continue to believe that our shares represent
an excellent investment for the Company. Our continued high
levels of earnings have produced cash in excess of our immediate
needs, and we view this program as an investment in our future."
Shares acquired in this program will be designated as treasury
shares and will be available for general corporate purposes
including use in the Company's 401(k) and stock option plans.
As of January 29, 1997, the Company has approximately
112,700,000 shares outstanding. Biomet Common Shares are
traded on the NASDAQ system under the symbol "BMET."
Biomet, Inc. and its subsidiaries design, develop, manufacture
and market products used primarily by orthopedic medical
specialists in both surgical and non-surgical therapy, including
reconstructive and trauma devices, electrical bone growth
stimulators, orthopedic support devices, operating room supplies,
powered surgical instruments, general surgical instruments,
arthroscopy products and oral-maxillofacial implants and
instruments. Headquartered in Warsaw, Indiana, Biomet and its
subsidiaries currently distribute products in approximately 100
countries.
For further information contact Katharine Waggener, Manager,
Corporate Communications at (219) 267-6639. |
