ICO, Inc. Announces Share Repurchase Program
September 08 2008 - 5:27PM
PR Newswire (US)
HOUSTON, Sept. 8 /PRNewswire-FirstCall/ -- ICO, Inc. (NASDAQ:ICOC)
(the "Company"), global producer of custom polymer powders and
plastic film concentrates, today announced that its board of
directors authorized a share repurchase program pursuant to which
the Company may repurchase up to $12.0 million of its outstanding
common stock over the next two years. (Logo:
http://www.newscom.com/cgi-bin/prnh/20030509/ICOCLOGO) "The
approval of this repurchase program reflects the confidence of
ICO's Board of Directors in our business, management team, and
efforts to increase shareholder value while positioning ICO for
long-term growth," said A. John Knapp, Jr., the Company's President
and Chief Executive Officer. The authorization permits shares to be
repurchased in open market or negotiated transactions. The
authorization also permits the Company to repurchase all or a
portion of the shares pursuant to one or more trading plans that
may be adopted in accordance with Rule 10b5-1 under the Securities
Exchange Act of 1934. The authorization will be utilized at
management's discretion, subject to the limitations set forth in
Rule 10b-18 under the Securities Exchange Act of 1934 and other
applicable legal requirements. There can be no assurance as to the
amount, timing, or prices of repurchases. The specific timing and
amount of repurchases will vary based on market conditions and
other factors. The stock repurchase program may be modified,
extended, or terminated at any time. About ICO, Inc. With 20
locations in 10 countries, ICO produces custom polymer powders for
rotational molding and other polymer related businesses, such as
the textile, metal coating and masterbatch markets. ICO remains an
industry leader in size reduction, compounding and other tolling
services for plastic and non-plastic materials. ICO's Bayshore
Industrial subsidiary produces specialty compounds, concentrates
and additives primarily for the plastic film industry. Additional
information about ICO, Inc. can be found on the Company's website
at http://www.icopolymers.com/. Certain matters discussed in this
press release are "forward-looking statements," involving certain
risks, uncertainties, and assumptions, intended to qualify for the
safe harbors from liability established by the Private Securities
Litigation Reform Act of 1995. The Company's statements regarding
trends in the marketplace and potential future results are examples
of such forward-looking statements. The forward-looking statements
include, but are not limited to, restrictions imposed by the
Company's outstanding indebtedness, changes in the cost and
availability of resins (polymers) and other raw materials, demand
for the Company's services and products, business cycles and other
industry conditions, international risks, operational risks,
currency translation risks, the Company's lack of asset
diversification, the Company's ability to manage global inventory,
develop technology and proprietary know-how, and attract and retain
key personnel, as well as other factors detailed in the Company's
form 10-K for the fiscal year ended September 30, 2007 and its
other filings with the Securities and Exchange Commission. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated.
http://www.newscom.com/cgi-bin/prnh/20030509/ICOCLOGO DATASOURCE:
ICO, Inc. CONTACT: Bradley T. Leuschner, CFO of ICO, Inc.,
+1-713-351-4100 Web site: http://www.icopolymers.com/
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