Barbeques Galore Plans to Begin Share Repurchase Program.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--March 23, 2001 Barbeques Galore Barbeques Galore is an Australian chain of retail stores specializing in barbecue grills that also has a large presence in the United States. There are 84 stores in covering all of Australia, and 75+ stores in 10 American states. Ltd. (Nasdaq:BBQZ) said it plans to begin a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program as authorized by its board of directors. The program specifies the repurchase of up to 450,000 Barbeques Galore American Depository Receipts American Depository Receipt n. called in the banking trade an ADR, it is a receipt issued by American banks to Americans as a substitute for actual ownership of shares of foreign stocks. (ADRs), with purchases to be funded from available resources. Purchases will be made from time to time on the open market at prevailing prices. The repurchase program will expire on Jan. 31, 2002, or upon reaching an aggregate purchase quantity of 450,000 ADRs. Barbeques Galore has approximately 4.5 million shares of common stock outstanding. "The repurchase program reiterates the board's confidence in the company's prospects for the long term," said Sam Linz, executive chairman of Barbeques Galore. "At the current stock price, it also represents an effective use of our cash." Barbeques Galore is the leading chain of specialty retail stores devoted to sales of barbecues, fireside products and related accessories. The company owns and operates 65 stores in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and 35 stores in Australia. In addition, it has 11 franchised stores in the United States and 49 licensed stores in Australia. Through its e-commerce Web site, www.bbqgalore.com, the company sells an extensive line of barbecue and fireside products and related accessories. This news release contains "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. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, and it is Barbeques Galore's intent that such statements be protected by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. created thereby. Such statements include, but are not limited to, statements regarding the extent of stock repurchases, if any, and statements regarding the company's long-term prospects. Such forward-looking statements are subject to risks and uncertainties that could cause results to differ materially from those expressed or implied by these forward-looking statements. Potential risks and uncertainties include, but are not limited to, the risks and uncertainties as mentioned in the company's filings from time to time with the Securities and Exchange Commission. |
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