Simulations Plus Announces Renewed Share Repurchase Program
Simulations Plus, Inc. (Nasdaq: SLP – News), the leading provider of simulation and modeling software for pharmaceutical discovery and development, announced today that its board of directors has authorized a renewed share repurchase program effective Monday, February 15, 2010.
Ms. Momoko Beran, chief financial officer of Simulations Plus, said: “The board of directors has decided to restart our share repurchase program, enabling the buyback of up to one million shares during a 12-month period beginning Monday, February 15, 2010. Repurchases may be made in the open market, through a broker, or through privately negotiated transactions, subject to market conditions, applicable legal requirements and other factors. Simulations Plus has no obligation to repurchase shares under the repurchase program and the timing, actual number, and price of shares to be purchased will depend on the performance of Simulations Plus’ stock price, general market conditions, and various other factors. Such purchases, if any, will be made in accordance with applicable insider trading and other securities laws and regulations within the discretion of management.”
Walt Woltosz, chairman and chief executive officer of Simulations Plus, added: “At this time, the board believes that the continued undervaluation of our stock and the continued growth of our cash, warrants continuing the share repurchase program we had during December 2008 to December 2009, subject to management’s discretion and market conditions as Ms. Beran has described. Authorizing this amount is not expected to interfere with potential acquisitions or with meeting operating requirements, which the board believes are of utmost priority.”