American Vantage Companies Announces Results of Stock Repurchase Program.LAS VEGAS--(BUSINESS WIRE)--June 29, 1999-- American Vantage Companies (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 :AVCS AVCS Advanced Vehicle Control System AVCS Advanced Vidicon Camera System AVCS Automatic Vehicle Control Systems AVCS Active Vibration Control System AVCS Attitude and Velocity Control Subsystem AVCS Air Vehicle Control System AVCS Active Valve Control System ) today announced the results to date of its stock repurchase program. The program began in Fiscal 1998. Through June 25, 1999, the company has purchased approximately 461,000 shares of its common stock at a cost of approximately $497,000. Company President and Chief Executive Officer, Ronald J. Tassinari, said: "We continue to believe that the company's stock is 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 the stock repurchase program has long-term benefits to the company and its stockholders." Under the program, management is authorized to repurchase up to $2 million of company stock. The stock is being bought in accordance with securities laws and at times and in amounts as management deems appropriate. Stock may be purchased in the open market or privately negotiated transactions, with the timing and terms of such purchases to be determined by management based on market conditions. In addition to providing gaming consulting services, the company has the worldwide rights to develop and operate WCW WCW World Championship Wrestling WCW Wellesley Centers for Women WCW West Coast Watchers Nitro Grill restaurants. The first Nitro Grill opened in the Excalibur Hotel & Casino, a Mandalay Resort Group Mandalay Resort Group was a hotel-casino operator based in Las Vegas, Nevada. Its major properties included Mandalay Bay, Luxor, Excalibur and Circus Circus, as well as half of the Monte Carlo. (NYSE NYSE See: New York Stock Exchange :MBG) property, in Las Vegas in May 1999. The company also owns a 49 percent interest in the Las Vegas Border Grill restaurant which was developed with Mary Sue Milliken and Susan Feniger, the hosts of the "Too Hot Tamales" show on the Food Network and the owners/operators of the Border Grill in Southern California. The Las Vegas Border Grill offers the bold, flavorful and exciting tastes of border and coastal Mexico and Latin American food. The restaurant is located in the new Mandalay Bay Resort & Casino, another Mandalay Resort Group property, on the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. . It opened on June 18, 1999. This news release may contain forward-looking statements, which are subject to risks and uncertainties. The company's actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential risk factors that could affect the company's business and financial results are included in the company's filings with the Securities and Exchange Commission. They can also be found on the company's Web site at www.americanvantage.com and on the Securities and Exchange Commission's Web site at www.sec.gov. |
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