Axsys Technologies Announces Increase of Share Repurchase Authorization.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--July 29, 1999-- Axsys Technologies, Inc. (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 : AXYS), a leading manufacturer of micro-positioning and precision optical systems and components, today announced that its Board of Directors has approved an increase in the Company's previously announced 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 from an aggregate of 200,000 shares of common stock to an aggregate of 700,000 shares. Through July 29, 1999, the Company has repurchased an aggregate of 144,700 shares of its stock pursuant to the previously announced Board authorization. Of the repurchased shares, 99,520 have been used by the Company to satisfy its obligation to issue shares of stock under certain employee benefit plans and in connection with the acquisition of its Teletrac, Inc. subsidiary. Pursuant to the authorization, shares may be repurchased from time to time on the open market or otherwise at prevailing market prices or at negotiated prices. The Company plans to use the repurchased shares for general corporate purposes, including the satisfaction of commitments under its employee benefit plans. Axsys Technologies, Inc. designs, develops, manufactures and markets micro-positioning and precision optical systems and components for a variety of industries including defense, space, digital imaging and electronic capital equipment. The Company also produces interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. devices and distributes precision ball bearings ball bearings n → roulement m à billes for industrial, consumer and other commercial applications. For more information, contact Axsys Technologies, Inc., 910 Sylvan sylvan emanating from or pertaining to woods. See also sylvatic. Avenue, Englewood Cliffs, NJ 07632 (201) 871-1500, Fax (201) 871-7750; Internet: www.axsys.com This news release contains certain 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. . The Company's business is subject to a variety of risks and uncertainties in addition to those described above. As a result, actual future results and developments may be materially different from those expressed or implied in any forward-looking statement. Disclosure regarding factors affecting the Company's future results and developments is contained in the Company's public filings with the Securities and Exchange Commission, including the Company's annual report on 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 the fiscal year ended December 31, 1998. |
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