BILLERICA, Mass., Dec. 21 /PRNewswire-FirstCall/ -- GSI Group Inc.,
(Nasdaq: GSIG), a major supplier of precision motion components, lasers and
laser systems, today announced that its Board of Directors has authorized a
stock repurchase program providing for the repurchase of up to 1.5 million
shares of the Company's common shares.
The stock repurchases may, at the discretion of the Company's management,
be made from time to time at prevailing prices in the open market or through
privately negotiated transactions. The Company's management will base its
decision on market conditions, the price of the Company's common stock and
other factors. The Company currently intends to make stock repurchases using
available cash. Purchases of shares may commence on December 22nd, 2005 and
will terminate on December 22nd, 2006 or upon the maximum shares being
acquired, unless extended by the Company.
"This program reflects the confidence of both the Board of Directors and
the Management in the long-term prospects of GSI Group. This program is also
consistent with our commitment to enhance stockholder value," said Charles
Winston, President and Chief Executive Officer of GSI Group Inc.
Repurchases will be subject to the availability of shares, prevailing
market conditions, trading price and the Company's continuing financial
performance. The repurchase program does not obligate the Company to acquire
any specific number of shares and may be discontinued or suspended by the
Company at any time. Repurchased shares, if any, will be cancelled and the
number of total issued and outstanding shares will be decreased accordingly.
All purchases will be made in accordance with all applicable U.S. and Canadian
securities rules and regulations.
About GSI Group Inc.
GSI Group supplies precision motion control products, lasers and laser-
based advanced manufacturing systems to the global medical, semiconductor,
electronics, and industrial markets. GSI Group Inc.'s common shares are listed
on Nasdaq (GSIG).
Certain statements in this news release may constitute forward-looking
statements within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the United States Securities Act
of 1933 and Section 21E of the United States Securities Exchange Act of 1934.
These forward-looking statements may relate to anticipated financial
performance, management's plans and objectives for future operations, business
prospects, outcome of regulatory proceedings, market conditions, tax issues
and other matters. All statements contained in this news release that do not
relate to matters of historical fact should be considered forward-looking
statements, and are generally identified by words such as "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "objective" and other
similar expressions. Readers should not place undue reliance on the forward-
looking statements contained in this news release. Such statements are based
on management's beliefs and assumptions and on information currently available
to management and are subject to risks, uncertainties and changes in
condition, significance, value and effect. Other risks include the fact that
the Company's sales have been and are expected to continue to be dependent
upon customer capital equipment expenditures, which are, in turn, affected by
business cycles in the markets served by those customers. Other factors
include volatility in the semiconductor industry, the risk of order delays and
cancellations, the risk of delays by customers in introducing their new
products and market acceptance of products incorporating subsystems supplied
by the Company, similar risks to the Company of delays in its new products,
our ability to continue to reduce costs and capital expenditures, our ability
to focus R&D investment and integrate acquisitions and other risks detailed in
reports and documents filed by the Company with the United States Securities
and Exchange Commission and with securities regulatory authorities in Canada.
Such risks, uncertainties and changes in condition, significance, value and
effect, many of which are beyond the Company's control, could cause the
Company's actual results and other future events to differ materially from
those anticipated. The Company does not, however, assume any obligation to
update these forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such forward-looking
statements.
GSI-G
For more information contact:
Investor Relations,
Ray Ruddy
978-439-5511, (ext. 6170)
SOURCE GSI Group Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/107189.html
CONTACT:
Ray Ruddy, Investor Relations at GSI Group
Inc., +1-978-439- 5511, ext. 6170
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