MINNEAPOLIS, Oct. 2 /PRNewswire-FirstCall/ -- STEN Corporation , a Minneapolis-based diversified business, today announced that its board of directors has approved a new program authorizing the repurchase of up to 200,000 shares of the Company's common stock or approximately 10 percent of its currently outstanding shares. The shares will be repurchased in open-market transactions or in privately negotiated transactions. The Company will finance the purchase of the shares using cash on hand. This program replaces the Company's prior authorization.
Commenting on the potential repurchases STEN Corporation CEO and chairman, Kenneth Brimmer stated, "We consider the current valuation attractive in terms of our long-term goal of building significant value for our shareholders."
Repurchases of common stock will be in accordance with Rule 10b-18 of the Securities Exchange Act of 1934. Management will determine the number of shares to be purchased, the timing of any purchase and the manner of purchase based upon a number of factors, including the common stock's market price, market conditions and corporate and regulatory requirements. The stock- repurchase program may be suspended or discontinued at any time.
STEN Corporation, headquartered in Minnesota, is a diversified business. In addition to STEN Financial, the Company operates a chain of fast-food, drive-through restaurants under the Burger Time name. The Company also provides contract manufacturing services.
STEN Corporation common stock is traded on the Nasdaq Capital Market under the symbol STEN. More information about STEN Corporation is available at the Company's website: http://www.stencorporation.com/ . Except for historical information contained herein, the disclosures in this news release are forward-looking statements that could be affected by certain risks and uncertainties, and actual results may differ materially, depending on a variety of factors. These risks are described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no duty or obligation to update any of the forward-looking statements after the date of this release.
