BEI Technologies, Inc. Announces Stock Repurchase Program
14 September 1999
BEI Technologies, Inc. Announces Stock Repurchase ProgramSAN FRANCISCO, Sept. 14 -- BEI Technologies, Inc. announced that its Board of Directors has approved the repurchase of up to an aggregate of 300,000 shares of its Common Stock, according to Charles Crocker, chairman, president and chief executive officer. The repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchase program is expected to continue through the end of 1999, unless extended or shortened by the Board of Directors. Crocker said, "Based on recent market prices, we believe that our stock is undervalued and that, under these circumstances, repurchase of the Company's stock is a good investment of available funds." BEI Technologies, Inc., through its principal subsidiary, BEI Sensors & Systems Company, Inc. is an established manufacturer of electronic sensors, motors, actuators and motion control products used for factory and office automation, medical equipment, military, aviation and space systems, and transportation equipment including automobiles, trucks and off-road equipment. The Company's micromachined GyroChip(R) yaw rate sensors are used in advanced vehicle stability control systems and a significant increase in the production of those sensors has been in progress since the middle of 1998. BEI also manufactures electronic steering wheel position sensors, seat-memory modules, throttle position and pressure sensors and other devices used in automotive systems. GyroChip(R) is a registered trademark of BEI Sensors & Systems Company, Inc.