Cuisine Solutions Announces Stock Repurchase Program
20 Novembre 2008 - 10:05PM
Business Wire
Cuisine Solutions, Inc. (AMEX:FZN), a leading premium,
fully-cooked, frozen food manufacturer, today announced that its
Board of Directors yesterday authorized the repurchase, from time
to time without prior notice, based on business conditions, of up
to 3.0 million shares of the Company's common stock over the next
three years. This new authorization is effective immediately and
permits repurchases in the open market or in privately negotiated
transactions. The repurchases will be used to offset dilution from
the Company's employee equity plans and for potential future
acquisitions. Repurchases will be in compliance with Securities and
Exchange Commission guidelines, subject to market conditions,
applicable legal requirements and other factors. Cuisine Solutions
has no obligation to repurchase shares under the repurchase program
and the timing, actual number and price of shares to be purchased
will depend on the performance of the Company�s stock price,
general market conditions, and other factors within the discretion
of management. The Company had 17.6 million shares of common stock
outstanding as of November 20, 2008. Assuming that shares were
repurchased on November 20, 2008, the repurchase program represents
approximately 17% of the Company's outstanding stock. "This stock
repurchase program demonstrates our confidence in the growth of
Cuisine Solutions," said Stanislas Vilgrain, Chief Executive
Officer and President of Cuisine Solutions. "We believe that the
repurchase program underscores our commitment to increasing
stockholder value." Forward-Looking Statements Statements in this
press release that are not strictly historical in nature constitute
"forward-looking statements." Such statements include, but are not
limited to, statements concerning Cuisine Solution�s repurchase of
its common stock, its anticipated cash requirements, its confidence
in its growth prospects, and its plans to increase stockholder
value. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the
Company�s actual results to be materially different from historical
results or from any results expressed or implied by such
forward-looking statements. These factors include, but are not
limited to: the unpredictability and volatility of the price of the
Company�s common stock; the performance and conditions in the
United States and world financial markets; the risk that
anticipated market opportunities may not materialize at expected
levels, or at all; the risk that the Company's activities may not
result in the growth of profitable revenue; and other factors
discussed in the "Risk Factors" section of the Company�s Annual
Report on Form 10-K filed with the Securities and Exchange
Commission on September 17, 2008. All forward-looking statements
are qualified in their entirety by this cautionary statement.
Cuisine Solutions is providing this information as of the date of
this release and does not undertake any obligation to update any
forward-looking statements contained in this release as a result of
new information, future events or otherwise.
Grafico Azioni Cuisine Solutions (AMEX:FZN)
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