AmCOMP Announces Approval of Share Repurchase Program.NORTH PALM BEACH, Fla. -- Reissuing release (for release dated Aug. 28, 2007) to correct ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors for searching purposes. The release reads: AMCOMP ANNOUNCES APPROVAL OF SHARE REPURCHASE Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. PROGRAM The board of directors of AmCOMP Incorporated (Nasdaq: AMCP AMCP Academy of Managed Care Pharmacy AMCP Aeronautical Mobile Communications Panel AMCP Association of Managed Care Providers (now Association of Managed Care Dentists) AMCP Army Materiel Command Pamphlet AMCP Army Married Couples Program ) has approved a share repurchase program of up to a total of 1.5 million shares of the Company's common stock. The Company will finance the share repurchase program with available cash. The program is intended to be implemented through purchases made from time to time in either the open market or through private transactions, in accordance with Securities and Exchange Commissions requirements. The timing and extent to which the Company repurchases its shares will depend upon market conditions and other corporate considerations as may be considered in the Company's sole discretion. The Company currently has approximately 15,769,166 shares of common stock outstanding. On August 24, 2007, the Company's stock closed at $9.68 per share. Fred R. Lowe, AmCOMP's Chairman, President and Chief Executive Officer, commented, "We believe this 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. program is a prudent use of capital and reaffirms our commitment to building shareholder value over the long term." About AmCOMP With roots dating back to 1982, AmCOMP Incorporated is an insurance holding company whose wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , AmCOMP Preferred and AmCOMP Assurance, are mono-line workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurers with products that focus on value-added services A value-added service (VAS) is a telecommunications industry term for non-core services or, in short, all services beyond standard voice calls and fax transmissions. to policyholders. Currently marketing insurance policies in 15 core states and targeting small to mid-sized employers in a variety of industries, AmCOMP distributes its products through independent agencies. 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. Statements made in this press release, including those about the Company's financial condition and results of operations and about its future plans and objectives, which are not based on historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "expect," "plans," "intend," "project," "estimate," "may," "should," "will," "continue," "potential," "forecast" and "anticipate" and similar expressions identify forward-looking statements. Any such statements involve known and unknown risks, uncertainties and other factors, including those set forth under the heading "Risk Factors" in the Company's filings with the Securities and Exchange Commission, including AmCOMP's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for fiscal year ended December 31, 2006. Such factors may cause AmCOMP's actual performance, condition and achievements to be materially different than any future performance, condition and achievement set forth in this press release. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. |
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