Kensey Nash Announces $25 Million Stock Repurcha...( - Company reiterates high end of pre...),Health

- Company reiterates high end of previously announced 1st Quarter Guidance

and also its consideration of strategic options for its endovascular

business -

EXTON, Pa., Sept. 24 /PRNewswire-FirstCall/ -- Kensey Nash Corporation (Nasdaq: KNSY) today announced that its board of directors has approved a stock repurchase program in order to provide the Company with more flexibility to buy its own shares, which it believes are undervalued at current levels. The new program replaces the Company's existing program and allows the Company to repurchase up to a total of $25,000,000 of its issued and outstanding shares of Common Stock and has no scheduled expiration. The Company intends to finance the repurchases using its available cash, along with proceeds from the previously announced $27 million mortgage debt financing, to be drawn by the end of November.

"Given our strong cash position and the recent trading price of our stock, we believe we will be able to implement this repurchase program, while maintaining the required financial flexibility and strength to continue to grow our business," commented Mr. Joseph W. Kaufmann, President and CEO of Kensey Nash Corporation. "The authorization of this new stock repurchase program reflects the confidence that the board and management have in the Company's business opportunities, as well as our commitment to long-term shareholder value."

Kensey Nash Corporation plans to repurchase its shares for cash, from time to time in the open market, through block trades or otherwise. The repurchase program does not require the Company to purchase any specific dollar value or number of shares. Any purchases under the program will depend on
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