WEST WARWICK, R.I.--(BUSINESS WIRE)--Dec. 8, 2014--
Astro-Med, Inc. (NASDAQ: ALOT), a leading manufacturer of specialty
high-tech printing systems and data acquisition products, announced that
it has repurchased 500,000 shares of the Company’s common stock from the
Estate of Albert W. Ondis for an aggregate purchase price of $6,250,000.
The transaction was consummated on December 5, 2014 and was funded using
existing cash on hand.
Prior to entering into the Stock Purchase Agreement with the selling
shareholders, the Company obtained an opinion from an independent
investment banking firm as to the fairness, from a financial point of
view, to the public shareholders of the Company other than the selling
shareholders, of the consideration paid by the Company in the
transaction.
About Astro-Med, Inc.
Astro-Med, Inc. is a leading manufacturer of specialty high tech
printing systems and data acquisition systems. Products include color
label printers and consumables sold under the QuickLabel Systems brand
as well as ruggedized printers for aerospace, defense applications, and
data acquisition products sold under the Astro-Med brand. Astro-Med,
Inc. is a member of the Russell Microcap® Index. Additional information
is available by visiting www.Astro-MedInc.com.
Forward-Looking Statements
Information included in this news release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are not statements of
historical fact, but rather reflect our current expectations concerning
future events and results. These statements may include the use the
words “believes,” “expects,” “intends,” “plans,” “anticipates,”
“likely,” “continues,” “may,” “will,” and similar expressions to
identify forward-looking statements. Such forward-looking statements
involve risks, uncertainties and other factors, some of which are beyond
our control, which may cause our actual results, performance or
achievements to be materially different from those expressed or implied
by such forward-looking statements. These risks, uncertainties, and
factors include, but are not limited to, those factors set forth in the
Company’s Annual Report on Form 10-K for the fiscal year ended January
31, 2014 and subsequent filings Astro-Med makes with the Securities and
Exchange Commission. The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. The reader is cautioned not
to unduly rely on such forward-looking statements when evaluating the
information presented in this news release.
Source: Astro-Med, Inc.
for Astro-Med, Inc.
Joseph P. O’Connell, 800-343-4039
Senior
Vice President, Chief Financial Officer