|
November 22, 1999….CPAC, Inc.
(Nasdaq NNM: CPAK) today announced that its Board of Directors authorized the repurchase
of up to 309,000 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.
Thomas N. Hendrickson, CPAC Chief Executive Officer, said,
"We maintain that at its current price, our stock remains undervalued. As a result,
we will continue to purchase shares through our newly authorized stock repurchase plan,
consistent with Nasdaq and SEC policies, up to the maximum approved number of
shares."
The shares will be repurchased and retired using the
Company’s strong internally generated cash flow. Mr. Hendrickson reiterated that the
share buyback program does not alter CPAC's strategy of growth via acquisitions, or
prevent the Company from investing in other attractive growth opportunities.
CPAC, Inc. is a specialty chemical manufacturer operating
in two business segments: Cleaning and Personal Care (Fuller Brands) and Imaging. Its
Fuller Brands segment is comprised of The Fuller Brush Company, Stanley Home Products, and
Cleaning Technologies Group. The Imaging segment serves the worldwide Imaging market and
is comprised of Trebla Chemical Company, Allied Diagnostic Imaging Resources, Inc., CPAC
Equipment Division, and four international chemical manufacturing operations. CPAC, Inc.
shares are traded over the Nasdaq National Market System under the ticker symbol,
‘CPAK’.
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.
###
|
