Electronic Systems Technology announces election results and stock repurchase details.KENNEWICK, Wash.--(BUSINESS WIRE)--June 20, 1996--Electronic Systems Technology Inc. (EST EST electroshock therapy. EST abbr. electroshock therapy ) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : ELST ELST East Lake Sammamish Trail (Washington) ), a manufacturer of wireless modems, today announced the reelection re·e·lect also re-e·lect tr.v. re·e·lect·ed, re·e·lect·ing, re·e·lects To elect again. re of two members of the company's board of directors, and a stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. . As part of the annual shareholder voting issues, both T.L. Kirchner and J.H. Rector were reelected to positions on the company's board of directors. John H. Rector, 79, a director of the company since 1992, founded Western Sintering sintering, process of forming objects from a metal powder by heating the powder at a temperature below its melting point. In the production of small metal objects it is often not practical to cast them. Inc., a powdered metal part manufacturer located in Richland, Wash. Rector has retired from Western Sintering, but remains active in an advisory capacity with the company. In June, Rector was named 1996 South Central Washington Small Business Person of the Year. "Mr. Rector is a valuable member of the company's board of directors. He brings a wealth of business experience, the company is very fortunate to have him on the board," said Tom Kirchner, president and founder, of EST. Kirchner has been a director of the company since 1985, and was named 1992 South Central Washington Small Business Person of the Year. EST also announced that as of June 7, the company has repurchased 7,000 shares of its common stock through its stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, scheduled to end June 30, 1996, and that the company's board of directors approved a similar stock repurchase plan to take effect on July 1, 1996. Under the conditions of the plan, the company may acquire its common stock up to a total value of $100,000 from open market purchases from brokers and dealers, with purchases commencing as soon as July 1, 1996, and may continue through Sept. 30, 1996. The maximum number of shares the company will repurchase from any single shareholder during the duration of the stock repurchase plan will be 10,000 shares. The results of the stock repurchase plan are dependent upon market conditions, with no guarantee as to the exact number of shares to be repurchased by the company. The repurchase plan is subject to other terms and conditions, as are set forth in the plan. Electronic Systems Technology, a publicly held company since 1984, was the first company to develop the wireless modem and received the U.S. and Canadian patent for this technology. CONTACT: Electronic Systems Technology T.L. Kirchner, 509/735-9092 |
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