eResearchTechnology, Inc. Announces 3-for-2 Stock Split and Stock Buy-back Program
April 21 2004 - 4:11PM
PR Newswire (US)
eResearchTechnology, Inc. Announces 3-for-2 Stock Split and Stock
Buy-back Program PHILADELPHIA, April 21 /PRNewswire-FirstCall/ --
eResearchTechnology, Inc. ("eRT" or "the company"), a leading
provider of technology and services to the pharmaceutical,
biotechnology and medical device industries, announced today that
its Board of Directors approved a 3-for-2 split of its common stock
and authorized the buy-back of up to 500,000 post-split shares of
its common stock. To effectuate the split, the company will issue
one share of common stock for every two shares held by holders of
record at the close of business on May 6, 2004. Cash will be paid
in lieu of fractional shares. The shares will be distributed on May
27, 2004. Based on the shares outstanding as of March 31, 2004, the
number of shares outstanding will increase from approximately 34.2
million to 51.3 million. The buy-back authorization allows the
company to make purchases from time to time on the open market at
prevailing prices or in privately negotiated transactions. eRT's
management will make the purchase decisions based upon market
conditions and other considerations. "We are extremely pleased with
the Board of Directors' decision to split the stock 3-for-2 and to
authorize a buy-back of company shares," said Joe Esposito,
eResearchTechnology's President and Chief Executive Officer. "These
decisions show the confidence and excitement we have about our
future and we are delighted to share the rewards with our
stockholders." Based in Philadelphia, PA, eResearchTechnology, Inc.
(http://www.ert.com/) is a provider of technology and services to
the pharmaceutical, biotechnology and medical device industries on
a global basis. The company is a market leader in providing
centralized core-diagnostic electrocardiographic (ECG) technology
and services to evaluate cardiac safety in clinical development.
The company is also a leader in providing technology and services
to streamline the clinical trials process by enabling its customers
to automate the collection, analysis, and distribution of clinical
data in all phases of clinical development. Statements included in
this release may constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements involve a number of risks and uncertainties such as
competitive factors, technological development, market demand, and
the company's ability to obtain new contracts and accurately
estimate net revenues due to variability in size, scope and
duration of projects, and internal issues in the sponsoring client.
As a result, actual results may differ materially from any
financial outlooks stated herein. Further information on potential
factors that could affect the company's financial results can be
found in the company's Report on Form 10-K filed with the
Securities and Exchange Commission. DATASOURCE:
eResearchTechnology, Inc. CONTACT: Bruce Johnson,
eResearchTechnology, Inc., +1-215-282-5580; or Matt Hayden, Hayden
Communications, +1-858-456-4533, for eResearchTechnology Web site:
http://www.ert.com/
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