TAT Technologies Ltd. Announces That its Board of Directors has Authorized the Repurchase of up to NIS 12 Million / $3 Million o
December 24 2008 - 10:15AM
PR Newswire (US)
GEDERA, Israel, December 24 /PRNewswire-FirstCall/ -- TAT
Technologies Limited (NASDAQ:TATTFNASDAQ:-NASDAQ:News) today
announced that its Board of Directors has authorized the repurchase
of up to NIS 12 million (approximately U.S. $3 million) of the
Company's ordinary shares. The purchases will be made from time to
time by the Company on the NASDAQ National Market, the Tel Aviv
Stock Exchange or in private transactions. The Board approval is
effective through December 31, 2009. The timing and amount of any
share purchases will be determined by the Company's management
based on its evaluation of market conditions and other factors. The
repurchase program will be funded from the Company's working
capital and may be suspended or discontinued at any time.
Commenting on the repurchase program, Mr. Giora Inbar, the Chairman
of the Board, said, "We believe that the current market price of
the Company's ordinary shares does not adequately reflect the
business and resources of the Company, This stock repurchase
program, reflects our management's confidence in our current
operational strengths and prospects for the future as well as our
ongoing commitment to increasing shareholder value." About TAT
Technologies Ltd. TAT Technologies Limited provides a variety of
services and products to the aerospace industry under three
operational segments: (i) OEM products (ii) MRO services and (iii)
parts, each with the following characteristics: Our OEM activities
primarily relate to the manufacture and sale of a broad range of
heat transfer components (such as heat exchangers, pre-coolers and
oil/fuel hydraulic coolers) used in mechanical and electronic
systems on-board commercial, military and business aircraft. We
also manufacture and sell other environmental control and cooling
systems and a variety of other electronic and mechanical aircraft
accessories and systems such as pumps, valves, power systems and
turbines. Our MRO services include the remanufacture, overhaul and
repair of heat transfer equipment and other aircraft components,
APUs, propellers and landing gear. Our Limco-Piedmont subsidiary
operates four FAA certified repair stations, which provide aircraft
component MRO services for airlines, air cargo carriers,
maintenance service centers and the military. Our parts segment
focuses on the sale of APU parts propellers and landing gear. We
offer parts services for commercial, regional and charter airlines
and business aircraft owners. Safe Harbor for Forward-Looking
Statements This press release contains forward-looking statements
that are subject to risks and uncertainties. Factors that could
cause actual results to differ materially from these
forward-looking statements include, but are not limited to, general
business conditions in the airline industry, changes in demand for
our services and products, the timing and amount or cancellation of
orders, the price and continuity of supply of component parts used
in our operations, and other risks detailed from time to time in
the Company's filings with the Securities and Exchange Commission.
These documents contain and identify other important factors that
could cause actual results to differ materially from those
contained in our projections or forward-looking statements.
Stockholders and other readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date on which they are made. We undertake no obligation to
update publicly or revise any forward-looking statement. For
further information, please call Mr. Yaron Shalem, the Company CFO,
at +972-8-8595411, or our counsel, Aya Ben David, at
+972-9-9701801. DATASOURCE: TAT Technologies Ltd CONTACT: For
further information, please call Mr. Yaron Shalem, the Company CFO,
at +972-8-8595411, or our counsel, Aya Ben David, at
+972-9-9701801.
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