EATONTOWN, N.J., Dec. 11 /PRNewswire-FirstCall/ -- Osteotech, Inc.
(Nasdaq: OSTE), a leader in the emerging field of biologic products for
regenerative healing, announced today that its Board of Directors has
authorized a stock repurchase program under which up to $5.0 million of
Osteotech's common stock may be acquired. Stock repurchases may be executed
from time to time at current market prices through open-market and privately
negotiated transactions in such amounts as management deems appropriate. The
final number of shares repurchased will depend on a variety of factors
including price, corporate and regulatory requirements and other market
conditions. The repurchase program may be terminated at any time without
prior notice.
Sam Owusu-Akyaw, Osteotech's President and Chief Executive Officer,
stated, "The authorization of the stock repurchase program by Osteotech's
Board of Directors demonstrates the confidence the Board of Directors has in
the long-term prospects of Osteotech. The management team and the Board of
Directors feel our shares are currently undervalued and believe the repurchase
program is an excellent way to enhance the long-term value of the Company."
Osteotech, Inc., headquartered in Eatontown, New Jersey, is a global
leader in providing OsteoBiologic solutions for regenerative medicine to
support surgeons and their patients in the repair of the musculoskeletal
system through the development of innovative therapy-driven products that
alleviate pain, promote biologic healing and restore function. For further
information regarding Osteotech or this press release, please go to
Osteotech's website at http://www.osteotech.com.
Certain statements made throughout this press release that are not
historical facts contain forward-looking statements (as such are defined in
the Private Securities Litigation Reform Act of 1995) regarding the Company's
future plans, objectives and expected performance. Any such forward-looking
statements are based on assumptions that the Company believes are reasonable,
but are subject to a wide range of risks and uncertainties and, therefore,
there can be no assurance that actual results may not differ materially from
those expressed or implied by such forward-looking statements. Factors that
could cause actual results to differ materially include, but are not limited
to, the Company's ability to develop and introduce new products, differences
in anticipated and actual product and service introduction dates, the ultimate
success of those products in the marketplace, the continued acceptance and
growth of current products and services, the impact of competitive products
and services, the availability of sufficient quantities of suitable donated
tissue and the success of cost control and margin improvement efforts. Certain
of these factors are detailed from time to time in the Company's periodic
reports filed with the Securities and Exchange Commission. All information in
this press release is as of December 11, 2008 and the Company does not intend
to update this information.
