MVSI Authorizes Repurchase of up to an Additional 1,000,000 Shares.
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Tuesday August 11, 3:04 pm Eastern Time
Company Press Release
SOURCE: MVSI, Inc.
MVSI Authorizes Stock Repurchase of up to an
Additional 1,000,000 Shares of MVSI Common Stock
VIENNA, Va., Aug. 11 /PRNewswire/ -- MVSI, Inc. (Nasdaq: MVSI - news), a Washington, D.C. area broad-based technology
products and services company, announced today that the Company's Board of Directors has authorized the Company to make
additional open market stock repurchases of up to 1,000,000 shares of MVSI Common Stock, $.01 par value. MVSI says it plans
to buy shares on the open market or block purchases from time to time, depending on market conditions. Since January 1997, the
Company and members of the Board of Directors have repurchased approximately 2,000,000 shares, or about 12% of MVSI's
outstanding Common Stock, under earlier Board authorizations. This latest repurchase program reflects the Board of Directors'
continued confidence in the Company's fundamental strength and long-term growth prospects.
MVSI Chairman Edward Ratkovich stated: ''We believe the securities of MVSI are currently undervalued based on the
Company's record revenue and profit performance in the last quarter and our prediction of significantly higher revenues and profits
from all sources for the current and foreseeable quarters.''
Chairman Ratkovich concluded: ''Our progress to date in building our software development and information technology (IT)
business is going very well. We continue to aggressively address Year 2000 (Y2K) assessment, remediation, testing and
verification work; SAP and PeopleSoft implementation; Internet, Intranet and Extranet development; technology training; and
custom- built management information systems for corporations and government, directly with our clients or in partnership with
other major information technology companies, such as multi-billion dollar Science Applications International Corporation (SAIC) of
San Diego, California. These business areas and significant partnerships continue to show the greatest potential for growth and
profitability for the Company.''
Certain statements in this press release, including statements containing the words, ''believes,'' ''anticipates,'' ''plans,'' ''expects,''
''estimates,'' ''prediction,'' ''foreseeable,'' ''significant,'' and similar expressions, constitute forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995, as amended. There are a number of important factors that could
cause the Company's actual results to differ materially from those indicated by such forward-looking statements. Such factors
include, but are not limited to: risks in products and technological developments; market acceptance of new products and continuing
product demand; the impact of competitive products, services and pricing; and the other factors mentioned in the Company's
current and future filings with the Securities and Exchange Commission and public announcements.
For additional public information on MVSI, Inc., please contact the company at its principal executive offices at 8133 Leesburg
Pike, Suite 750, Vienna, Virginia 22182, telephone 703-356-5353 and 703-356-5354 facsimile. MVSI, Inc.'s Web site is located at
www.mvsiinc.com.
SOURCE: MVSI, Inc. |
