Warrantech Corporation Repurchases 865,000 of its Common Shares
22 October 1998
Warrantech Corporation Repurchases 865,000 of its Common Shares
STAMFORD, Conn.--Oct. 22, 1998--Warrantech Corporation announced today that pursuant to its stock repurchase program the Company, to date, has purchased 865,000 of its common shares in open market transactions.On August 18, 1998, the Company announced that its Board of Directors had expanded its stock repurchase program with an authorization to repurchase up to one million shares. On September 8, 1998, the Company announced that it had purchased 262,000 shares.
Warrantech Chairman and Chief Executive Officer, Joel San Antonio, said, "Over the course of the Company's second fiscal quarter, great progress has been made in increasing revenues by obtaining new clients as well as in decreasing costs. Given the current price of Warrantech's stock and the Company's belief that the stock is undervalued, the Company will consider seeking board approval to expand the stock repurchase program and in making additional purchases in the near future."
Warrantech Corporation, through its subsidiaries, administers and markets service contracts and after-market warranties on automobiles, automotive components, recreational vehicles, appliances, consumer electronics, homes, computer and computer peripherals for retailers, distributors and manufacturers. The Company continues to expand its global penetration, and now provides its services in the United States, Canada, Mexico, the United Kingdom, Puerto Rico and Latin America.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the effectiveness of cost containment measures and the continuation of current levels of business activity, the impact of competitive products, product demand and market acceptance risks, reliance on key strategic alliances, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and exchange Commission. These risks could cause the Company's actual results for the current fiscal year and beyond to differ materially from those expressed in any forward looking statements made by, or on behalf of, the Company.
This release is available on the KCSA Worldwide Website at www.kcsa.com.