Cornerstone's Vote of Confidence in Itself:
Subj: Cornerstone Imaging Announces Authorization of Stock Repurchase Program
Date: 97-02-20 17:11:54 EST
From: AOLNewsProfiles@aol.net
SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 20, 1997--Cornerstone
Imaging, Inc. (NASDAQ:CRNR), a leading provider of display products
and document capture software for document imaging in enterprise
computing systems, today announced that its Board of Directors has
authorized the use of up to $5 million to repurchase the Company's
common stock.
The repurchased stock is expected to be held by the Company as
treasury stock to be used to meet Cornerstone's obligations under its
stock plans and for other corporate purposes. Purchases will be made
from time-to-time on the open market or in privately negotiated
transactions. The timing and volume of purchases will be dependent
upon market conditions and other factors. The Company intends to use
cash to fund its purchases.
"Since the first quarter of 1996 we have had three quarters of
steadily improving revenues and earnings, refreshed our display
product line, and revised our strategy. Given this performance we
believe Cornerstone stock is undervalued at current levels and is an
attractive investment opportunity," stated Thomas van Overbeek,
President and Chief Executive Officer.
About Cornerstone
Cornerstone Imaging, Inc., headquartered in San Jose, is a
provider of display products and document capture software for
document imaging in enterprise applications. Cornerstone high
performance monitors and graphics controllers are designed for all-
day computer users who access multiple applications and data-types.
Cornerstone software products facilitate the scanning and capture of
paper-based information.
Cornerstone Imaging, Inc. is traded on the NASDAQ under the CRNR
symbol. Visit the Cornerstone Web Page at WWW.corimage.com .
CONTACT:
Cornerstone Imaging, Inc.
John Finegan, 408/435-8900
or
Financial Relations Board
Betsy Truax, 208/233-8323
Catherine Roberts, 415/986-1591
Hope this gets CRNR a little attention from the institutions. In the time I've been a CRNR shareholder (less than a year), the stock has performed like Brigadoon, lolls around in $6-8 range then breaks out for a day or two after earnings before receding again. The solid fundamentals are there, just need to get the investment community to take notice. |
