ColorMax Board Authorizes Share Buyback.Business Editors/Health and Medical Writers TUSTIN, Calif.--(BUSINESS WIRE)--Aug. 3, 2000 ColorMax Technologies Inc.(Nasdaq: CXTE), the nation's leading color vision Color vision The ability to discriminate light on the basis of wavelength composition. It is found in humans, in other primates, and in certain species of birds, fishes, reptiles, and insects. enhancement company, Thursday announced 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 purchase up to 200,000 shares of the firm's common stock. Under the terms of the plan, ColorMax may repurchase shares from time to time in open market transactions. "We are taking this action because we believe the current level of our stock does not reflect ColorMax's true value," said Richard R. Milewski, chief financial officer and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "We don't feel the current market price recognizes our firm's progress and potential. We continue to believe our stock is an excellent investment from a corporate standpoint, and also that of our current shareholders." "Any repurchased shares will be held as unissued treasury stock and could be used for potential acquisitions or other corporate uses," Milewski stated. He noted the authorization by ColorMax's board will also help offset dilution of current outstanding shares. "We believe the timing is right for this kind of program, and it will help us to protect the value of our current stockholders' investment in our company," Milewski reported. He pointed out that ColorMax views 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. as an appropriate management tool. This 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. with respect to the results of operations and business of ColorMax Technologies Inc. which involves risks and uncertainties. The company's actual future results could materially differ from those disclosed herein. Risks and uncertainties of the company will be detailed from time to time in the company's periodic reports. The company intends that such statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements, be subject to 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. " provisions 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. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion