Repro Med Systems Announces Share Buyback
CHESTER, NY / ACCESSWIRE / September 30, 2015 / REPRO MED SYSTEMS, INC. (OTCQX: REPR) announced today that its Board of Directors has authorized a stock repurchase program pursuant to which the Company will make open market purchases of up to 1,000,000 shares of the Company’s Outstanding Common Stock. The purchases will be made through a broker to be designated by the Company with price, timing and volume restrictions based on average daily trading volume, consistent with the safe harbor rules of the Securities and Exchange Commission for such repurchases.
In making the announcement today, Andrew I. Sealfon, President and CEO, stated that the Company’s decision to initiate the stock repurchase program is based upon its belief that “the current market price of the common stock is below its intrinsic value when considering the Company’s recent performance, ongoing profitability and significant growth prospects. The Board and management are confident that Repro Med Systems has sufficient capital to fund its anticipated growth and therefore believe that repurchases at this time are in the best interest of the Company and its shareholders.”
About Repro-Med Systems, Inc.
Repro-Med designs, manufactures and markets proprietary medical products used for infusions administered in professional healthcare settings as well as at home. The company’s RES-Q-VAC line of medical suctioning products is used by emergency medical service providers in addition to a variety of other healthcare providers. The Company actively markets and distributes both domestically and internationally.
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects”, “intends,” “anticipates,” “will,” or “plans” to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company’s reports and registration statements filed with the Securities and Exchange Commission.
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SOURCE: RMS Medical Products