ElderTrust Announces Share Repurchase Program.KENNETT SQUARE, Pa.--(BUSINESS WIRE)--Aug. 18, 1998--ElderTrust (NYSE NYSE See: New York Stock Exchange : ETT ETT Empresa de Trabajo Temporal (Spain) ETT European Transactions on Telecommunications ETT Exercise Treadmill Test ETT Embedded Training Team ETT Exercise Tolerance Test (cardiology) ) announced today that its Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. has authorized the Company to implement a 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 pursuant to which the Company may repurchase shares up to an amount equal to the Company's excess cash flow determined on a quarterly and cumulative basis. The common shares will be purchased through open market transactions on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. in accordance with applicable rules and regulations. ElderTrust has approximately 7.4 million shares outstanding. Edward B. Romanov, Jr., the Company's President and Chief Executive Officer stated, "The Board of Trustees considers Eldertrust's common shares to be a very attractive investment at these levels." The Kennett Square, Pa. based real estate investment trust was formed in 1997 and went public in early 1998, to invest in prime healthcare related real estate and mortgages sponsored by experienced and quality-driven owners and operators. It owns and leases28 projects and has loaned $45 million in construction and term financings on 9 healthcare facilities located on the East Coast of the United States The "Eastern Seaboard," or "Atlantic Seaboard" are terms referring to the easternmost coastal states in the United States. They touch the Atlantic Ocean and stretch up to Canada. . The above includes forward-looking statements. The Company cautions investors that any forward-looking statements made by the Company are not guarantees of future performance. Numerous factors exist which, in some cases have affected, and in the future could cause, results to differ materially from these expectations. These statements involve risks and uncertainties affecting the Company as are detailed from time to time in the Company's filings with the Securities and Exchange Commission.
CONTACT: ElderTrust
Edward B. Romanov, Jr., president & CEO
610/925-4200
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