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August 28, 1998….CPAC, Inc. (Nasdaq NNM: CPAK)
today announced that its Board of Directors has authorized the repurchase of up to 342,000
shares, or 5%, of its outstanding common stock. The purchases are to be made from time to
time in the open market or through privately-negotiated transactions, when conditions
warrant.
The new program follows the completion this month of the
Company’s previous stock repurchase plan. Under that program, announced in April
1997, CPAC repurchased 357,000 shares, or 5%, of its then outstanding common stock.
Thomas N. Hendrickson, CPAC, Inc. Chief Executive Officer,
said, "This new program further underscores our commitment to enhancing long-term
shareholder value, and reflects our confidence in the long-term prospects of CPAC as well
as our belief that the Company’s stock is undervalued." The shares will be
repurchased and retired using cash on hand. Mr. Hendrickson noted that since this program
is limited to a maximum of 5% of outstanding common shares, it does not change CPAC's
acquisition strategy.
Founded in 1969, CPAC, Inc. is an acquirer, developer, and
licensee of recognized brands names in two industry segments: Fuller Brands (cleaning and
personal care) and Imaging. CPAC owns The Fuller Brush Company in Great Bend, Kansas as
well as five imaging chemical facilities in the U.S. and Europe. The Company has over 250
registered trademarks for chemical and non-chemical products. Shares are traded over the
Nasdaq National Market System under the ticker symbol "CPAK." Additional
information is available on the Company's website (www.cpac-fuller.com).
Except for the historical matters contained herein,
statements in this press release are forward looking and are made pursuant to the safe
harbor provisions of the Securities Litigation Reform Act of 1995. Investors are cautioned
that forward looking statements involve risks and uncertainties which may affect
CPAC’s business and prospects, including economic, competitive, governmental,
technological, and other factors discussed in CPAC’s filings with the Securities and
Exchange Commission.
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