COSTA MESA, Calif., Nov. 9 /PRNewswire-FirstCall/ -- TROY Group, Inc. (Pink Sheets: TROY) announced today that it has concluded a privately negotiated agreement to repurchase 615,466 shares of its common stock at a purchase price of $4.95 per share for a total purchase price of $3,046,556. The TROY Board of Directors authorized the privately negotiated agreement as well as a continuation of the previously announced stock repurchase program. Under the TROY stock repurchase program, approximately $2.3 million remains available for future repurchases of TROY Group common stock in open market or privately negotiated transactions. TROY Group reserves the right to revise or terminate the stock repurchase program at any time.
TROY Group Chairman and CEO Patrick J. Dirk commented, "The announcement today of the closing of this privately negotiated stock repurchase, as well as the continuation of the previously announced repurchase program, reflects the Board of Directors' continued confidence in the Company's near and long term financial and operating performance and commitment to enhancing stockholder value."
The TROY Group Board of Directors authorized the privately negotiated stock repurchase and the continuation of the stock repurchase program based on consideration of TROY Group's current financial and operating performance, available capital surplus, forecasted cash needs, future prospects, current market conditions and other strategic planning considerations. To date, TROY has repurchased a total of approximately 1,151,269 shares of its common stock for an aggregate purchase price of approximately $4.8 million since it approved its stock repurchase program in 2001 (including privately negotiated repurchase transactions). The TROY Group Board believes that, subject to continuation of current conditions, stock repurchases are and will continue to be a good use of available corporate funds to increase stockholder value.
About TROY Group
TROY Group, Inc. ("TROY") is a worldwide provider of secure payment solutions. Our security printing solutions include application software, high security check printing hardware and specialized consumables for secure printing and payment applications. Our ACH (Automated Clearing House) software includes ACH processing and origination software and consulting services. We sell and service our products to major corporations, banks, key government accounts and distributors worldwide. Visit TROY at http://www.troygroup.com/.
Forward-looking statements of TROY (statements that are not historical fact) in this news release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Certain important factors could cause results to differ materially from those anticipated by the statements made in this release, including the timely and successful development and integration of products; the market acceptance of products; the ability to continue to develop and market products; TROY's ability to refocus its management and resources on these emerging technologies; the ability to hire and retain qualified management, technology and other personnel; the impact of competition from existing and new technologies and companies; the ability to identify and assimilate acquired companies and technologies; the continued demand for printed documents; and the other factors set forth in TROY's periodic reports and other documents.
TROY Group, Inc. Contact
Myra Erickson, Office: (714) 241-4760,
