Cass Commercial Corp. to Repurchase Up to 200,000 Shares Over Next 12 Months.Business Editors ST. LOUIS--(BUSINESS WIRE)--Dec. 27, 1999 Cass Commercial Corp. (Nasdaq:CASS) announces 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 company to repurchase up to 200,000 shares (approximately 5 percent) of its outstanding common stock. The stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. may take place from time to time in the open market or in private transactions, depending on market conditions, over the next 12 months. "We believe that our stock represents an attractive investment opportunity at current levels," said Lawrence A. Collett, chairman and chief executive officer. "We feel that the valuation does not accurately reflect the company's historical performance or growth prospects." CASS shares closed at $19 on Thursday, December 23, 1999. Founded in 1906, Cass Commercial Corp., via its Cass Information Services See Information Systems. subsidiary, is the market leader in providing electronic processing, rating, payment and information analysis of freight and utility payables. Another subsidiary, Cass Commercial Bank, provides specialized banking services to privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. and churches, primarily in the St. Louis area. Certain matters set forth in this document may contain 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. that are provided to assist in the understanding of anticipated future financial performance. However, such performance involves risks and uncertainties that may cause actual results to differ materially from those in such statements. For a discussion of certain factors that may cause such forward-looking statements to differ materially from the company's actual results, see the company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1998. |
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