Aftermarket Technology Announces Share Repurchase; Company Will Repurchase Up To 350,000 Shares.WESTMONT, Ill.--(BUSINESS WIRE)--Aug. 26, 1998--Aftermarket Technology Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ATAC ATAC Arimidex, tamoxifen and combination therapy ) today announced that its Board of Directors has authorized the Company to repurchase up to 350,000 shares of the Company's Common Stock, representing approximately 1.7% of the currently outstanding shares. Any such repurchases will be made from time to time generally through broker transactions in the open market, subject to the availability of shares at appropriate prices, although unsolicited negotiated transactions or other types of repurchases are possible. The repurchase program will continue until all 350,000 shares are purchased or until the Company determines to terminate the program. In addition, the Company has been informed by certain of its directors and executive officers that they intend to purchase up to approximately 200,000 shares of the Company's Common Stock in open market purchases, subject to availability and price. Stephen J. Perkins, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. Technology, commented, "Based on current market conditions, one of the best acquisitions we can make is that of our own stock. We believe that our stock is significantly undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. in the market and that the repurchase of shares is a very attractive investment that is in the best interests of the Company and its stockholders." Aftermarket Technology is a leading remanufacturer and distributor of drive train products used in the repair of vehicles in the automotive aftermarket. Aftermarket Technology's principal products include remanufactured transmissions, torque converters, engines, electronic control modules, instrument display clusters and radios as well as remanufactured and new parts for the repair of automotive drive train assemblies. The Company's customers include original equipment manufacturers, independent transmission rebuilders, general repair shops, distributors and retail automotive parts stores. Established in 1994, the Company maintains over 50 distribution centers throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada, and also has facilities in Mexico and England. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that are described in the Company's filings with the Securities and Exchange Commission. There can be no assurance that actual results will not differ materially from those projected or implied by such statements. CONTACT: Aftermarket Technology John Kent, 630/455-6000 JKent@ATC ATC Air Traffic Control ATC Average Total Cost ATC Certified Athletic Trainer ATC At the Center (Hartford, Maine retreat center) ATC Applied Technology Council ATC All Things Considered .atcaff.com or The Snyder Buscher Group John Snyder, 206/652-9704 JSnyder@sbgir.com |
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