KORU Medical Systems Announces Stock Repurchase Program
November 16 2020 - 5:03PM
Business Wire
Repro Med Systems, Inc. dba KORU Medical Systems (NASDAQ:
KRMD) (“KORU Medical” or the “Company”) today announced that
its Board of Directors has authorized a stock repurchase program
under which the Company may purchase up to $10 million of its
outstanding common stock through December 31, 2021.
“We believe that this repurchase program demonstrates confidence
in our long-term outlook, the underlying value of KORU Medical
stock, and our commitment to maximizing value for our
shareholders,” said Don Pettigrew, Chief Executive Officer. “Our
strong balance sheet enables us to support this repurchase plan,
while continuing to invest in our operations and explore
investments that generate long-term growth.”
Chairman of the Board John Fletcher commented, “We are committed
to enhancing shareholder value. This authorization reflects the
Board’s continued confidence in the Company’s long-term growth
prospects, the value of KORU Medical’s Freedom Integrated Infusion
System, and the significant expansion opportunities that exist both
within and adjacent to our core business.”
The shares may be repurchased periodically in open market
transactions at prevailing market prices, in privately negotiated
transactions, or by other means in accordance with federal
securities laws. The actual timing and amount of shares repurchased
under the program will be determined by the Company in its
discretion and will depend on a number of factors, including price,
general business and market conditions, and applicable legal
requirements. The repurchase plan will be funded using cash on
hand.
About KORU Medical Systems
KORU Medical Systems develops, manufactures, and commercializes
innovative and easy-to-use specialty infusion solutions that
improve quality of life for patients around the world. The FREEDOM
Syringe Infusion System currently includes the FREEDOM60® and
FreedomEdge® Syringe Infusion Drivers, Precision Flow Rate Tubing™
and HIgH-Flo Subcutaneous Safety Needle Sets™. These devices are
used for infusions administered in the home and alternate care
settings. For more information, please visit
www.korumedical.com.
Forward-looking
Statements
This press release contains forward-looking statements that
involve risks and uncertainties. Forward-looking statements can be
identified by words such as “may,” “believe” and “enables.” Actual
results may differ materially from the results predicted and
reported results should not be considered as an indication of
future performance. The potential risks and uncertainties that
could cause actual results to differ from the results predicted
include, among others, uncertainties associated with COVID-19,
future operating results, availability of investment opportunities,
market fluctuations, and those risks and uncertainties included
under the captions “Risk Factors” in our Annual Report on Form 10-K
for the year ended December 31, 2019, and our Quarterly Report on
Form 10-Q for the quarter ended September 30, 2020, which are on
file with the SEC and are available on our website at
www.korumedical.com/investors and on the SEC website at
www.sec.gov. All information provided in this release and in the
attachments is as of November 13, 2020. Undue reliance should not
be placed on the forward-looking statements in this press release,
which are based on information available to us on the date hereof.
We undertake no duty to update this information unless required by
law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201116006037/en/
The Equity Group Inc. Devin Sullivan Senior Vice
President 212-836-9608 dsullivan@equityny.com
Kalle Ahl, CFA Vice President 212-836-9614 kahl@equityny.com
KORU Medical Systems (NASDAQ:KRMD)
Historical Stock Chart
From Mar 2024 to Apr 2024
KORU Medical Systems (NASDAQ:KRMD)
Historical Stock Chart
From Apr 2023 to Apr 2024