BEI Technologies, Inc. Announces Expansion of Stock Repurchase Program
1 June 2000
BEI Technologies, Inc. Announces Expansion of Stock Repurchase ProgramSAN FRANCISCO, June 1 BEI Technologies, Inc. announced that its Board of Directors, at a meeting held May 26, 2000, approved the repurchase of up to an additional 300,000 shares of its common stock, according to Charles Crocker, chairman and chief executive officer. Under an existing authorization dated September 1999 to purchase up to 300,000 shares, more than 200,000 shares have been repurchased. Further repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off market until an aggregate of up to 600,000 shares have been acquired by the Company. The repurchase program is expected to continue through the end of 2000, unless extended or shortened by the Board of Directors. Crocker said, "Based on recent market prices, we believe 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. is an established manufacturer of electronic sensors, motors, actuators and motion control products used for factory and office automation, medical and scientific equipment, military, aviation and space systems, and transportation equipment including automobiles, trucks and off-road equipment. The Company's micromachined quartz GyroChip(R) 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 is a registered trademark of BEI. Except for historical information, this news release may be deemed to contain forward-looking statements that involve risks and uncertainties, including statements with respect to timely development, acceptance and pricing of new products; impact of competitive products and price; the ability to manufacture products in sufficient volume on an efficient and timely basis; general economic conditions as they affect the Company's customers, as well as other risks detailed from time to time in the Company's reports to the Securities and Exchange Commission, including the Company's Form 10-K Annual Report for fiscal 1999. CONTACT: John LaBoskey, Senior Vice President and CFO of BEI Technologies, Inc., 415-956-4477.