CCC Information Services Group Announces Increase in Share Repurchase Plan.Business Editors CHICAGO--(BUSINESS WIRE)--June 12, 2000 Board Approves 2,000,000 Additional Shares In Plan Originally Announced August 18, 1998 CCC CCC A very speculative grade assigned to a debt obligation by a rating agency. Such a rating indicates default or considerable doubt that interest will be paid or principal repaid. Also called Caa. Information Services See Information Systems. Inc., a 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. of CCC Information Services Group (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 : CCCG CCCG Canadian Conference on Computational Geometry CCCG Climate Change Co-ordinating Group ), the leading provider of technology systems and solutions for the automotive claims industry, today announced that its Board of Directors has authorized the repurchase, from time to time, of up to 2,000,000 additional shares of its common stock on the open market or in privately negotiated transactions. This repurchase authorization represents a continuation of the Company's repurchase plan originally announced August 18, 1998. The Company repurchased 4,109,840 shares under the original plan and subsequent increases to the number of shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. . Only 3,350 shares remain eligible for repurchase under previous Board authorizations. "The Board of Directors has authorized the increases in 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. program because of our belief that the stock represents a very attractive investment at the current price level," commented Githesh Ramamurthy, Chief Executive Officer and President. The company currently has 21.7 million shares outstanding and is traded on the NASDAQ national market under the symbol CCCG. Certain statements in this release may constitute forward-looking statements that are subject to a number of risks and uncertainties and therefore should not be relied upon as predictions of the future. Such statements are dependent on assumptions that may not be realized and are subject to factors, including those mentioned in the Company's most recent Form 10-K filed with the Securities and Exchange Commission, which could cause actual results to differ materially. CCC Information Services Inc., headquartered in Chicago, IL, is the leading supplier of advanced software and communications systems to the automotive claims industry, including information and network services for a wide variety of claims management solutions. Its value-added, technology-based products and services increase efficiency and facilitate communication among more than 13,500 collision repair facilities, 350 insurance companies, and a range of business partners. For more information about CCC Information Services, visit our Web site at www.cccis.com, contact Jeanene O'Brien at CCC Information Services Inc., 312-229-3083 or, contact Peter Duckler at HLB HLB Hong Leong Bank HLB Hydrophilic-Lipophilic Balance HLB Horton Lees Brogden Lighting Design (company with studios in New York, San Francisco, Los Angeles, and Boston) HLB Hotels Licensing Board (Singapore) Communications, 312-649-0371. |
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