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TBC Announces Repurchase of 1,378,000 Shares

28 August 1998

TBC Announces Repurchase of 1,378,000 Shares; has Authorization for Repurchase of 469,000 Additional Shares

    MEMPHIS, Tenn.--Aug. 28, 1998--TBC Corporation today announced that in several open market transactions it has recently repurchased a total of 1,378,000 shares, or approximately 6%, of the Company's common stock. Including the effect of these repurchases, the Company now has 21.7 million shares outstanding. TBC currently has the authorization from the Board of Directors to repurchase an additional 469,000 shares.
    Louis S. DiPasqua, President and Chief Executive Officer of TBC, noted "We are pleased that the Company's strong financial position is enabling us to repurchase the Company's shares at what we believe is a sound investment opportunity. We believe this initiative will provide a rewarding return to our stockholders and still provide the funds necessary to support us in attaining our growth objectives for TBC."
    TBC Corporation is one of the nation's largest marketers and distributors of tires for the automotive replacement market.