Open Market Stock Purchases for Archon Corporation
December 30 2008 - 2:20PM
PR Newswire (US)
LAS VEGAS, Dec. 30 /PRNewswire/ -- Archon Corporation (the
"Company") (OTC:ARHN) (BULLETIN BOARD: ARHN) today announced it
intends to engage in open market purchases of its own common stock
commencing January 5, 2009 and continuing on various dates
thereafter until it has purchased up to 5.00%, or 319,539 shares of
Company common stock or until the Company earlier announces the
cessation of its open market purchase program in any appropriate
form. The Company intends to adhere to Rule 10b-18 as clarified by
Release 33-8335 in conducting these open market purchases. This
Rule and Release restrict the Company's manner, price and amount of
acquiring its own common stock and also require that the Company
periodically account for such purchases in tabular form in a chart
to be included in its Series 10 filings (Report on Forms 10-K and
10-Q). The purpose of these open market purchases is to utilize
available and surplus cash to make open market purchases of its
common stock at current highly favorable trading prices. In light
of current economic conditions, and the low prevailing rates of
interest on deposits, the Company believes this use of available
funds is in the Company's interest. The open market purchases are
intended to be voluntary and there are no assurances that the
Company will actually purchase all or any of its common shares
noted. The Company has surplus funds and does not anticipate the
need for borrowed funds to effect the open market purchases of its
own common stock. For additional information please contact David
Lowden at (702) 987-1882. DATASOURCE: Archon Corporation CONTACT:
David Lowden of Archon Corporation, +1-702-987-1882
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