WESTBURY, N.Y., April 1, 2013 /PRNewswire/ -- Vasomedical, Inc. (OTC BB: VASO), announced today that its Board of Directors has authorized a share repurchase program of up to $1.5 million of the Company's common stock. As of Friday, March 29, 2013, this would represent approximately 5% of the total outstanding shares of Vasomedical common stock.
"We have the capital resources available to implement a fairly aggressive stock repurchase program such as this, which amounts to roughly 5% of our total outstanding shares, and still invest in our company's business to drive future growth. We believe that our share price does not properly reflect the current value of our business or its potential future performance," said Dr. Jun Ma, President and Chief Executive Officer of Vasomedical, Inc. "We have a strong financial profile that gives us the flexibility to focus on our future plans to grow sales and achieve profitability, while supporting our stock. We believe this strategy shows our commitment to building shareholder value as well as confidence in achieving long-term growth."
The share repurchase program is effective immediately. Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Depending on market conditions and other factors, these repurchases may be commenced or suspended from time to time without prior notice. The Company is under no obligation to fulfill the entire amount of the stock buyback program approved by the Board.
Vasomedical, Inc. is a diversified medical technology company specializing in the manufacture and sale of medical devices and in the domestic sale of diagnostic imaging products. The Company's main proprietary products are EECP® Therapy systems, the gold standard of ECP treatment. The Company operates through three wholly owned subsidiaries: VasoSolutions, Vasomedical Global and VasoHealthcare. VasoSolutions manages and coordinates the design, manufacture and sales of EECP® Therapy systems, and other medical equipment operations; Vasomedical Global operates the Company's China-based subsidiaries; and VasoHealthcare is the operating subsidiary for the exclusive sales representation of GE Healthcare diagnostic imaging products in certain market segments. Additional information is available on the Company's website at www.vasomedical.com.
Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipates", "believes", "could", "estimates", "expects", "may", "plans", "potential" and "intends" and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the effect of the dramatic changes taking place in the healthcare environment; the impact of competitive procedures and products and their pricing; medical insurance reimbursement policies; unexpected manufacturing or supplier problems; unforeseen difficulties and delays in the conduct of clinical trials and other product development programs; the actions of regulatory authorities and third-party payers in the United States and overseas; uncertainties about the acceptance of a novel therapeutic modality by the medical community; continuation of the GEHC agreement; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to update forward-looking statements as a result of future events or developments.
SOURCE Vasomedical, Inc.