Allied Healthcare $10 Million Stock Repurchase
May 18 2010 - 7:00AM
UK Regulatory
TIDMAHI
RNS Number : 0868M
Allied Healthcare International Inc
18 May 2010
Allied Healthcare International Inc. Announces $10 Million Stock Repurchase
Program
NEW YORK, NY--(Marketwire - May 18, 2010) - Allied Healthcare International Inc.
(AIM: AHI) ("Allied" or the "Company"), a leading provider of flexible
healthcare staffing services in the United Kingdom, announces today that its
Board of Directors has approved a stock repurchase program under which the
Company is authorized to repurchase, from time to time in the open market or
negotiated transactions, shares of its outstanding common stock in an aggregate
amount up to $10 million.
Purchases are expected to be funded by existing cash on hand and cash flows from
operations. Such repurchases will be made in accordance with applicable
securities laws and other requirements, and will depend on the stock price,
prevailing market and business conditions and other considerations. Any stock
repurchased by the Company under this program will be transferred into treasury.
Allied will, on a weekly basis, provide disclosure in relation to those shares
that have been taken into treasury.
As of May 14, 2010, the Company had approximately 45.1 million shares of common
stock outstanding.
Jeffrey Peris, Chairman of Allied, commented, "The stock repurchase program
marks another step in our Company's focus on creating value for our
shareholders. While we continue to look for acquisitions, we remain disciplined
and believe that this stock repurchase provides favorable returns at this time."
ABOUT ALLIED HEALTHCARE INTERNATIONAL INC.
Allied Healthcare International Inc. is a leading provider of flexible
healthcare staffing services in the United Kingdom. Allied operates a
community-based network of over 110 branches with the capacity to provide carers
(known as home health aides in the U.S.), nurses, and specialized medical
personnel to locations covering approximately 90% of the U.K. population. Allied
meets the needs of private patients, community care, nursing and care homes, and
hospitals. For more news and information please visit: www.alliedhealthcare.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release may be forward-looking
statements. These forward-looking statements are based on current expectations
and projections about future events. Actual results could differ materially from
those discussed in, or implied by, these forward-looking statements. Factors
that could cause actual results to differ from those implied by the
forward-looking statements include: general economic and market conditions;
Allied's ability to continue to recruit and retain flexible healthcare staff;
Allied's ability to enter into contracts with local government social services
departments, NHS Trusts, hospitals, other healthcare facility clients and
private clients on terms attractive to Allied; the general level of demand for
healthcare and social care; dependence on the proper functioning of Allied's
information systems; the effect of existing or future government regulation of
the healthcare and social care industry, and Allied's ability to comply with
these regulations; the impact of medical malpractice and other claims asserted
against Allied; the effect of regulatory change that may apply to Allied and
that may increase costs and reduce revenues and profitability; Allied's ability
to use net operating loss carry forwards to offset net income; the effect that
fluctuations in foreign currency exchange rates may have on our
dollar-denominated results of operations; and the impairment of goodwill, of
which Allied has a substantial amount on the balance sheet, may have the effect
of decreasing earnings or increasing losses. Other factors that could cause
actual results to differ from those implied by the forward-looking statements in
this press release include those described in Allied's most recently filed SEC
documents, such as its most recent annual report on Form 10-K, all quarterly
reports on Form 10-Q and any current reports on Form 8-K filed since the date of
the last Form 10-K. Allied undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events, or otherwise.
Contact:
Allied Healthcare International Inc.
Sandy Young
Chief
Executive Officer
Paul Weston
Chief Financial Officer
+44 17 8581
0600
Or
Piper Jaffray Ltd. (Nominated Adviser)
Matthew
Flower
Rupert Winckler
+44 20 3142 8700
Or
ICR, LLC
Sherry
Bertner
Managing Director
+1 646 277 1200
sherry.bertner@icrinc.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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