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SPRINGFIELD, Mo., March 19, 2021 (GLOBE NEWSWIRE) -- The Paul Mueller Company (OTC Pink: MUEL) (the “Company”) today announced that the Board of Directors had approved a share repurchase authorization (the “Repurchase Program”) for up to $2,000,000 of the shares of the Company’s common stock. The Board believes that this Repurchase Program reinforces the Company’s commitment to return excess cash to its shareholders.
Stock repurchases may be made from time to time in the open market pursuant to a pre-arranged stock trading plan (a “10b5-1 Plan”) adopted by the Company for the purpose of executing such repurchases in compliance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions in compliance with applicable state and federal securities laws. The timing and amounts of any repurchases made pursuant to the 10b5-1 Plan will be in accordance with the terms of the Plan, which will be administered through an independent broker without further direction or discretion of the Company. The 10b5-1 Plan will cover the repurchase of shares beginning on April 2, 2021, through September 24. 2021. The timing and amounts of any repurchases outside the 10b5-1 Plan will be based on market conditions and other factors, including price, regulatory requirements, and capital availability. The Repurchase Program, including the 10b5-1 Plan, does not require the repurchase of any minimum number of shares and may be suspended, modified, or discontinued at any time, without prior notice.
This press release contains forward-looking statements that provide current expectations of future events based on certain assumptions. All statements regarding future performance growth, conditions, or developments are forward-looking statements. Actual future results may differ materially from those described in the forward-looking statement due to a variety of factors, including, but not limited to, the factors stated in the Company’s Annual Report under “Safe Harbor for Forward-Looking Statements,” which is available at paulmueller.com. The Company expressly disclaims any obligation or undertaking to update these forward-looking statements to reflect any future events or circumstances.
Press Contact: Jay Holden | Paul Mueller Company | Springfield, MO 65802 | (417) 575-9422