Bovie Medical Announces Private Repurchase of 2,000,000 Shares of Its Common Stock.MELVILLE, N.Y.--(BUSINESS WIRE)--December 9, 1999-- Bovie Medical Corporation (the "Company") (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. Symbol: BOVI), a leading manufacturer and marketer of electrosurgical products today announced that pursuant to a negotiated agreement the Company's 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 Company to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. from certain major shareholders in a private transaction a total of 2,000,000 of its common shares. The shares pursuant to the purchase shall become treasury shares and will thereby reduce the number of outstanding shares. "Based upon our earnings and cash flow prospects the 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. reflects our confidence in Bovie's direction and growth, as well as our determination to increase shareholder value," stated Andrew Makrides, Bovie's president Bovie, through its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Aaron Medical Industries, is engaged in the engineering, manufacturing and marketing of electrosurgical medical products. This document may contain some forward looking statements, particularly regarding operational prospects in 1999 and beyond, which involve a number of risks an uncertainties tat could cause actual results to differ materially. These risks are listed from time to time in the Company's SEC filings. |
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