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Biotech / Medical : BMRA (Biomerica) -- Ignore unavailable to you. Want to Upgrade?

To: Radam who wrote (61)	4/2/1998 10:11:00 AM
From: Radam	Read Replies (1) \| Respond to of 170

Lancer Orthodontics Announces Stock Repurchase Plan and Debt Retirement SAN MARCOS, Calif., April 1 /PRNewswire/ -- Lancer Orthodontics, Inc. (Nasdaq: LANZ) today announced its Board of Directors has approved the possible repurchase of up to 4 percent of its outstanding common stock shares in the open market over the next 12 months, subject to market conditions and pricing. Recently, the Company's common stock has traded on the Nasdaq SmallCap market in the range of $0.53 to $1.00, which is less than its tangible net book value of approximately $1.27 per common share (including the dilutive effect of outstanding convertible preferred stock) based on the company's unaudited balance sheet as of November 30, 1997. Management believes that the company's common stock is undervalued. There are approximately 2.2 million common shares outstanding. Insiders control approximately 50 percent of these shares. Lancer Orthodontics also announced that as of February 28, 1998, it has retired all its long term debt and capital lease obligations. Assuming that revenues and expenses are consistent with earlier period results, these debt reductions are anticipated to result in approximately a 40 percent increase in cash flow over the next 12 months. The company plans to use its increased cash flow for new product introductions, said Doug Miller, President and COO of Lancer Orthodontics. Miller also stressed that the "Company's new involvement in the managed care segment of the industry should positively impact revenues and income in the future." "This is the first time in Lancer's 30 year history that the Company has no long term loan debt," Miller said. "This reduction was accomplished through the utilization of cash flows from operations. Total long term debt and capital lease obligations had been as high as $2.5 million in 199O." Miller said the Company still retains a $500,000 accounts receivable and inventory line-of-credit which it may continue to draw upon if necessary." Lancer Orthodontics develops, manufactures and markets state-of-the-art orthodontic products such as bands, brackets and bucall tubes worldwide. It is the only free standing public company in the field of orthodontic manufacturing.