CCC Information Services Group Announces Increase in Share Repurchase Plan
6 August 1999
CCC Information Services Group Announces Increase in Share Repurchase PlanBoard Approves 1,500,000 Additional Shares In Plan Originally Announced August 18, 1998 CHICAGO, Aug. 5 -- CCC Information Services Group Inc. , the leading provider of solutions for the automotive claims industry, today announced that its Board of Directors has authorized an increase in the number of shares to be repurchased under a plan originally announced August 18, 1998. The original plan called for repurchase of up to 2,500,000 shares of its common stock on the open market, in privately negotiated transactions, or otherwise. On June 29, 1999, the Company announced the repurchase of 500,000 additional shares from a charitable trust, which had obtained the shares from Mr. David Phillips, Chairman of CCC. To date, 2,663,190 shares have been repurchased under the plan and with this announcement the Board has authorized the total shares in the plan be increased by 1,500,000 shares. Githesh Ramamurthy, Chief Executive Officer, commenting on the Board's actions, said, "The Board of Directors has authorized these increases in the share repurchase program because it believes the stock is currently priced at a level that represents a very attractive investment." CCC currently has 23.6 million shares outstanding and is traded on the Nasdaq national market under the symbol CCCG. Certain statements in this release may constitute forward-looking statements which are subject to a number of risks and uncertainties and therefore should not be relied upon as predictions of the future. Such statements are dependent on assumptions that may not be realized and are subject to factors, including those mentioned in the Company's most recent Form 10-K filed with the Securities and Exchange Commission, that could cause actual results to differ materially. CCC Information Services, headquartered in Chicago, Ill., is the automotive claims industry's leading supplier of advanced software and communications systems. Its value-added, technology-based products and services increase efficiency and facilitate communication among more than 13,500 collision repair facilities, 350 insurance companies and a range of business partners. For more information about CCC Information Services Inc., contact Peter Duckler of HLB Communications at 312-649-0371.