Board of directors at Omni USA Inc. approves stock buyback program.HOUSTON--(BUSINESS WIRE)--Nov. 20, 1996--Omni USA, 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 :OUSA OUSA Origami USA OUSA Open University Students Association (Open University, UK) OUSA Ontario Undergraduate Student Alliance OUSA Office of Undergraduate Studies and Advising ) today announced that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase by the company of up to 100,000 shares of its common stock in the open market. Such repurchases may occur from time to time as market conditions warrant. There are approximately 2.1 million shares of common stock outstanding, and the company could repurchase up to 4.8 percent of these shares under the buyback program. Jeffrey K. Daniel, president and chief executive officer, said, "This action by the Board reflects our belief, in light of Omni's current and expected performance, that the common shares of the company currently represent an attractive investment opportunity for our shareholders at currently-depressed prices. We will continue to monitor the company's cash position and share price in assessing share repurchases 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. ." Headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , Omni USA, Inc. designs, manufactures and distributes planetary and other gearboxes for agricultural and industrial applications, as well as a line of trailer and towing products for the trucking and transportation industries. Its primary manufacturing facility is located in Shanghai, China, and its products are marketed on a worldwide basis. The company's common stock is traded on NASDAQ under the symbol "OUSA." CONTACT: Omni USA Inc., Houston 713/635-6331, or fax, 713/635-6360 |
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