BOSTON, June 6 /PRNewswire-FirstCall/ -- AMICAS, Inc. , a leader in radiology and medical image and information management solutions, today announced that, as of June 5, 2006, it had repurchased an aggregate of 2,279,250 shares of its common stock at an average share price of $3.50 pursuant to a trading plan in accordance with the guidelines specified under Rule 10b5-1 of the Securities and Exchange Act of 1934 to partially facilitate the stock repurchase plan approved by its board of directors. On May 6, 2005, the company announced that its Board of Directors had authorized the repurchase of up to $15 million of the company's common stock from time to time in open market or privately negotiated transactions.
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"AMICAS chose to repurchase under Rule 10b5-1 because a 10b5-1 plan allows us to focus on the business rather than worry about timing and trading of our stock. This plan also allows us the flexibility to repurchase shares when the company may otherwise be precluded from doing so under insider trading laws," said Stephen Kahane, M.D., CEO and chairman of AMICAS.
"We believe that a stock repurchase is a good long-term investment and reflects our ongoing commitment to improving the investment value of our stock while at the same time profitably growing our business." stated Joseph Hill, chief financial officer of AMICAS.
At this time AMICAS believes the next update regarding the stock repurchase program will be at its regularly scheduled second quarter earnings call.
About AMICAS, Inc.
AMICAS, Inc. (http://www.amicas.com/) is a leader in radiology and medical image and information management solutions. The AMICAS Vision Series(TM) products provide a complete, end-to-end solution for imaging centers, ambulatory care facilities, and radiology practices. Acute care and hospital clients are provided a fully-integrated, HIS/RIS-independent PACS, featuring advanced enterprise workflow support and scalable design.
Safe Harbor Statement
Except for the historical information herein, the matters discussed in this release include forward-looking statements. The forward-looking statements contained in this release include statements about the company's intention to repurchase its shares of common stock from time to time under the stock repurchase program. When used in this press release, the words: believes, intends, plans, anticipates, expects, estimates, and similar expressions are intended to identify forward-looking statements. Such forward- looking statements are subject to a number of risks, assumptions and uncertainties that could cause actual results to differ materially as set forth in AMICAS' most recent filings with the Securities and Exchange Commission. All forward-looking statements in this release are qualified by these cautionary statements and are made only as of the date of this release.
CONTACTS:
Sarah Carmody, Investor Relations
617.779.7892
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