Simulations Plus, Inc. (Nasdaq: SLP), 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.”
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