AlaTenn Resources announces stock repurchase program.FLORENCE, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--May 4, 1995--AlaTenn Resources, Inc. (NASDAQ/NM:ATNG) today announced that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: a program under which the Company may repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. up to 100,000 shares of its common stock in open market or negotiated transactions at such times and at such prices as management may from time to time decide. Currently, AlaTenn Resources has approximately 2,115,000 shares issued and outstanding. Jerry A. Howard, Chairman, President and Chief Executive Officer, commented, "This action has been taken based on the Board's decision that, at current market prices, AlaTenn's common shares are 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. and represent an attractive investment opportunity for the Company." He noted that repurchases will be dependent upon market conditions and other factors and that there is no guarantee as to the exact number of shares to be repurchased by the Company. AlaTenn Resources, Inc. is a diversified holding company. The Company's energy subsidiaries transport and market natural gas for customers in the Tennessee Valley The Tennessee Valley is the drainage basin of the Tennessee River and is largely within the U.S. state of Tennessee. It stretches from southwest Kentucky to northwest Georgia and from northeast Mississippi to the mountains of Virginia and North Carolina. region. Through Ryder International Corporation, the Company designs, develops and manufactures innovative proprietary products for leading health care companies worldwide. CONTACT: AlaTenn Resources Inc., Florence George G. Petty, 205/383-3631 |
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