Dynatronics to Repurchase Up to $250,000 of the Company's Common Stock
SALT LAKE CITY, Utah, Dec. 4 /PRNewswire-FirstCall/ -- Dynatronics Corporation (Nasdaq: DYNT) today announced that its board of directors has increased its open market share repurchase program of the company's common stock by $250,000.
"This decision reflects the confidence of management and our board of directors in the future of the company and our commitment to increasing shareholder value," said Kelvyn H. Cullimore, president of Dynatronics. "At the current price, we feel the stock is undervalued and the repurchase of shares represents an appropriate use of our resources at this time."
Dynatronics expects to make the discretionary purchases with cash from operations and amounts available under its line of credit. Currently, increased borrowings would be required to complete the full repurchase program. At the present price of $1.13 per share, the full repurchase would comprise approximately 221,000 shares of stock, or approximately 2 percent of the company's issued and outstanding shares. The purchases will be made at the discretion of management over an indefinite period and the program can be terminated at any time. The company is not obligated to make any purchases under the plan.
Dynatronics manufactures, markets and distributes advanced-technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, pain management, sports medicine, chiropractic, podiatry, plastic surgery, dermatology and other medical, cosmetic and aesthetic markets.
For more information, please visit the Company's web site at: http://www.dynatronics.com.
This press release contains forward-looking statements. Those statements include references to the company's expectations and similar statements. Actual results may vary from the views expressed in the forward-looking statements contained in this release. The development and sale of the company's products are subject to a number of risks and uncertainties including, the risk factors listed from time to time in the company's SEC reports, including, but not limited to the reports on Form 10-KSB for the year ended June 30, 2007 and the subsequent quarterly reports.
|SOURCE Dynatronics Corporation|
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