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Article: Arrow-Magnolia International Announces Common Stock Buy-Back
- Article from:
- PR Newswire
- Article date:
- September 8, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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DALLAS, Sept. 8 /PRNewswire/ -- Arrow-Magnolia International, Inc. (OTC Bulletin Board: ARWM) announced today that its board of directors has authorized the company to repurchase, on the open market, up to an aggregate of 100,000 shares of its common stock, or 3.4% of its 2.9 million issued and outstanding shares.
Morris Shwiff, chairman and CEO, said the company believes that its stock is undervalued and offers a strong buying opportunity.
"We may never have the chance to buy our stock, at such low prices, again," Mr. Shwiff said. "We currently have cash and equivalents in excess of $3 million, far more than required for our operating needs.
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