THE BRAND COMPANIES INCREASES STOCK REPURCHASE PROGRAM
THE BRAND COMPANIES INCREASES STOCK REPURCHASE PROGRAM WESTCHESTER, Ill., Dec. 17 /PRNewswire/ -- The Brand Companies, Inc.
(NASDAQ: BRAN) announced today that its board of directors has expanded its previously announced stock repurchase program. The company's stock repurchase program was announced Oct. 2, 1990, and authorized the company to repurchase up to 1,000,000 shares of the company's common stock in the open market or in privately-negotiated transactions over a 24-month period. Today's action increased the number of shares available for repurchase from 1,000,000 to 2,000,000.
Victor J. Barnhart, chief executive officer, stated that "Since the company's stock repurchase program was originally announced, the company has purchased approximately 925,000 shares of its common stock in the open market. At current market prices we believe our common stock represents a sound financial investment for the company." Common stock repurchased under the program will be held in the company's treasury and will continue to be available for use in connection with acquisitions by the company, in connection with the company's stock option programs or for other general corporate purposes. To date, approximately 618,000 shares repurchased under the program have been used for acquisitions or in connection with the company's stock option programs. -0- 12/17/91 /CONTACT: Harold W. Ingalls of Brand Companies, 708-947-3502/ (BRAN) CO: The Brand Companies, Inc. ST: Illinois IN: SU:
PS -- NY096 -- 3205 12/17/91 18:45 EST
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|Date:||Dec 17, 1991|
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