BTU International Expands Stock Buyback Initiative.BILLERICA, Mass.--(BUSINESS WIRE)--Aug. 10, 1999-- BTU Btu: see British thermal unit. International, 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 :BTUI) today announced that its Board of Directors has approved an additional repurchase through open market transactions of up to 5% or 340,000 of the outstanding common shares of the Company. The actual number of shares to be repurchased and prices paid per share will depend on prevailing market conditions and other factors. "In our opinion, the value of the Company in terms of product market positioning and financial strength is not reflected in the current stock price and presents an opportunity for our company to enhance shareholder value", stated Paul van der Wansem, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Over the past year and a half, the Company has completed two previously announced stock buybacks, and in aggregate repurchased approximately 580,000 shares or about 8% of the outstanding common shares of BTU. This news release, other than historical financial information, includes forward-looking statements that involve risks and uncertainties, including quarterly fluctuations in results, the timely availability and acceptance of new products, general market conditions governing supply and demand, the impact of competitive products and pricing and other risks detailed in the Company's SEC reports. Actual results may vary materially. BTU International is a major supplier of thermal processing systems. The Company is the market leader for solder reflow (1) The process of heating and melting the solder that has been screen printed onto a printed circuit board in order to bond chips and other components to the board. Surface mount chips (SMT) use the reflow method. Contrast with wave soldering. See also reflowable text. furnaces used in surface mount applications for printed circuit boards. BTU manufactures furnaces used to package and seal integrated circuits and to process multi-chip modules. Its products are also used in other specialty applications, such as brazing brazing, method of joining metal parts using nonferrous filler metals with high melting points such as copper, silver, and aluminum alloys. Brazing differs from soldering (see solder) by using a higher temperature; and unlike welding, the parts are not melted. and the sintering sintering, process of forming objects from a metal powder by heating the powder at a temperature below its melting point. In the production of small metal objects it is often not practical to cast them. of ceramics, nuclear fuels and powdered metals, and the deposition of precise thin film coatings. |
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