Ampace announces authorization to repurchase company stock.KNOXVILLE, Tenn.--(BUSINESS WIRE)--April 16, 1997--Ampace Corporation (NASDAQ/NMS: PACE) today announced that its Board of Directors authorized the repurchase of up to 100,000 shares of the company's common stock over the next 12 months. Currently, the company has approximately 3,075,000 shares outstanding. The company expects to make repurchases from time to time on the open market or in private transactions. Chairman of Ampace Bruce Jones said, We believe the 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. at the current time. Depending on market conditions, repurchases may be discontinued at any time and will be financed out of available cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. . The amount and timing of the shares to be repurchased will be based on managements ongoing assessment of the company's capital structure and liquidity, the market price of the company's stock in relation to managements assessment of its underlying value and the best interests of Ampace and its stockholders. Ampace Corporation is a transportation acquisition-holding company, based in Knoxville, Tenn. It operates a long-haul truckload carrier, MDX (MultiDimensional EXpressions) A multidimensional query language. MDX uses syntax similar to SQL, but whereas SQL is used to query relational tables, MDX is used to query multidimensional cubes (OLAP databases). See SQL and OLAP. , based in Monroe, La., and five short-haul, dedicated truckload operations, which are part of the Ampace Dedicate Services network. The short-haul node operations are based in: Orlando, Fla.; Atlanta; Dalton, Ga.; Asheboro, N.C.; and Cleveland, Ohio. The company's shares trade on the 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 :NMS See NetWare Management System. under the symbol PACE. CONTACT: Ampace Corporation Bruce W. Jones, chairman and CFO See Chief Financial Officer. , 423/691-5799 or Communication Resources, Inc. Molly Remes, public relations counsel, 804/560-4865 |
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