Sharps Compliance Authorizes Extension of Its Stock Repurchase Plan
March 10 2015 - 5:55AM
Sharps Compliance Corp. (Nasdaq:SMED) ("Sharps" or the "Company"),
a leading full-service national provider of comprehensive waste
management services including medical, pharmaceutical, and
hazardous, announced today that its Board of Directors has approved
a two-year extension of its Stock Repurchase Plan ("Plan") through
January 1, 2017. The Plan was originally launched in January 2013,
authorizing the Company to repurchase in the aggregate up to $3
million of its outstanding common stock over a two-year period. The
Company purchased $809,175 (191,250 shares) under the Plan to date,
leaving a remaining authorized amount of $2,190,825 in the Plan.
David P. Tusa, President and CEO of Sharps Compliance commented,
"The Board's decision to extend the current stock repurchase
program affirms the confidence we have in the Company's strategic
direction and market opportunities. With our solid balance sheet,
this repurchase authorization offers an opportunity to return value
to shareholders while retaining the flexibility to fund our
growth."
The shares would be purchased from time to time on the open
market or in privately negotiated transactions, at the Company's
discretion, in each case, in compliance with Rule 10b-18 under the
Securities Exchange Act of 1934, as amended, subject to market and
business conditions, applicable legal requirements, explicit
black-out dates and other factors. The purchases will be funded
using the Company's available cash balances and cash generated from
operations. The program does not obligate the Company to acquire
any particular amount of common stock and may be modified,
suspended or terminated at any time at the Company's discretion in
accordance with Rule 10b-18.
About Sharps Compliance Corp.
Headquartered in Houston, Texas, Sharps Compliance is a leading
full-service provider of comprehensive waste management services
including medical, pharmaceutical and hazardous. Its key markets
include pharmaceutical manufacturers, home healthcare providers,
assisted living/long-term care, retail pharmacies and clinics, and
the professional market which is comprised of physicians, dentists
and veterinary practices. The Company's flagship product, the
Sharps® Recovery System™ is a comprehensive solution for the
containment, transportation, treatment and tracking of medical
waste and used healthcare materials.
More information on the Company and its products can be found on
its website at: www.sharpsinc.com
Safe Harbor Statement
The information made available in this press release contains
certain forward-looking statements which reflect Sharps Compliance
Corp.'s current view of future events and financial
performance. Wherever used, the words "estimate", "expect",
"plan", "anticipate", "believe", "may" and similar expressions
identify forward-looking statements. Any such forward-looking
statements are subject to risks and uncertainties and the company's
future results of operations could differ materially from
historical results or current expectations. Some of these
risks include, without limitation, the company's ability to educate
its customers, development of public awareness programs to educate
the identified consumer, customer preferences, the Company's
ability to scale the business and manage its growth, the degree of
success the Company has at gaining more large customer contracts,
managing regulatory compliance and/or other factors that may be
described in the company's annual report on Form 10-K, quarterly
reports on Form 10-Q and/or other filings with the Securities and
Exchange Commission. Future economic and industry trends that
could potentially impact revenues and profitability are difficult
to predict. The Company assumes no obligation to publicly
update or revise its forward-looking statements even if experience
or future changes make it clear that any projected results express
or implied therein will not be realized.
CONTACT: Diana P. Diaz
Sharps Compliance Corp.
Vice President and Chief Financial Officer
Phone: (713) 660-3547
Email: ddiaz@sharpsinc.com
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
Phone: (203) 972-9200
Email: jnesbett@institutionalms.com
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