U.S. Technologies Announces Possible Management Repurchase of Common Stock
ATLANTA, Aug., 6 /PRNewswire/ -- U.S. Technologies Inc. (the ''Company'') (OTC-Bulletin Board: USXX - news) today announced that its Board of Directors has authorized the repurchase of up to 1,000,000 shares of its outstanding Common Stock. The shares authorized for repurchase represent approximately 3.5% of the shares currently outstanding. The repurchases will be made from time to time through open market or negotiated block purchase transactions at the discretion of the Company. The timing of the repurchases will depend on market conditions and corporate requirements.
Kenneth H. Smith, President and Chief Executive Officer of the Company, stated that, ''the Board of Directors believes that the opportunity to purchase its Common Stock represents an attractive opportunity to increase value for the Company and its shareholders. As evidenced by the stock repurchase program, U.S. Technologies and its Board of Directors have great confidence in the Company's fundamentals and future prospects.''
U.S. Technologies Inc., based in Marietta, Georgia, is a national outsourcing company, which solicits labor-intensive work from Fortune 1000 companies, to be performed by its manufacturing subsidiary, Labor-to-Industry Inc. (LTI), or by its service subsidiary, Service-to-Industry Inc. (STI). The Company performs its work utilizing detention facility inmates, under the guidelines of the Prison Industry Enhancement Program (''PIE Program''). The PIE Program, a federal program created by Congress in 1979, is designed to rehabilitate, educate and train inmates, and, thereby, provide them with marketable skills, through their employment in private-sector industry.
For further information contact Kenneth H. Smith or John P. Brocard at 770-565-4311 or visit the Company's web site at usxx.com.
Certain statements in the release contain ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as ''may,'' ''will,'' ''expect,'' ''estimate,'' ''anticipate,'' ''believe,'' ''target,'' ''plan,'' ''project,'' ''continue,'' or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management's plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect, the Company's financial performance and could cause actual results for 1998 and beyond to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. |
