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Technology Stocks : Intermagnetics (IMG) -- Ignore unavailable to you. Want to Upgrade?

To: Mark Shaw who wrote (2754)	6/11/1998 11:42:00 AM
From: counsel777	Read Replies (1) \| Respond to of 3448

Intermagnetics General Expands Stock Repurchase Program LATHAM, N.Y., June 11 /PRNewswire/ -- Intermagnetics General Corporation (Amex: IMG - news) announced that its Board of Directors has approved an increase of one million shares in the Company's Common Stock repurchase program, bringing the total authorized to two million shares. ''We have nearly completed the originally authorized program, having purchased over 950,000 shares of Common Stock on the open market,'' said Carl H. Rosner, chairman and chief executive officer. ''Because we continue to believe that the current price levels for Intermagnetics' stock do not reflect the value of the Company's wide-ranging product lines or its near-term growth prospects, the IGC Board has authorized the repurchase of up to an additional one million shares. Stock from previous repurchases has been used, in part, for stock dividend distributions and to finance acquisitions.'' Intermagnetics is the largest integrated developer and manufacturer in the United States, of superconducting LTS and HTS magnets, wire and cable as well as associated low-temperature refrigeration equipment, and radio-frequency (RF) coils, the combination of which is essential to successful application of superconductivity such as Magnetic Resonance Imaging (MRI). The Company is dedicated to the development and commercialization of applied superconductivity and refrigeration systems. The Company also supplies permanent magnet systems, materials separation equipment and FRIGC(R) refrigerants as replacements for ozone-depleting refrigerants. Safe Harbor Statement: This press release contains ''forward-looking statements'' that involve various important assumptions, risks, uncertainties and other factors. These include, without limitation, the assumptions, risks, and uncertainties set forth in the Company's 1997 Form 10-K, including the Company's ability to win greater market acceptance for FRIGC and expanded product sales from APD as well as continued strength and expansion in its core wire and MRI magnet markets. SOURCE: Intermagnetics General Corporation