CPAC, Inc. Announces 5% Stock Repurchase Plan;
Company Authorized to Repurchase up to 252,700 Shares
Leicester, NY... November 27, 2002 - CPAC, Inc. (Nasdaq NNM: CPAK) today announced that its Board of Directors authorized the repurchase of up to 252,700 shares, or 5%, of its outstanding common stock. The purchases are to be made from time to time in the open market or through privately negotiated transactions, when conditions warrant.
The shares will be repurchased and retired using the Company's internally generated cash flow. Thomas N. Hendrickson, CPAC President and Chief Executive Officer, said, "With our current cash position of over $8.5 million ($1.68 per share), the share buyback program does not alter CPAC's strategy of growth via acquisitions or prevent the Company from investing in other attractive growth opportunities."
About CPAC, Inc.
Established in 1969, CPAC, Inc. (cpac.com) manages holdings in two industries. CPAC's Global Imaging Group develops and markets innovative imaging chemicals, equipment, and supplies at eight business units worldwide. The Fuller Brands segment manufactures commercial, industrial, and household cleaning products, as well as custom brushes and personal care lines. Products are sold under more than 350 registered trademarks. Stock is traded under the symbol: CPAK.
Except for the historical matters contained herein, statements in this press release are forward-looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements involve risks and uncertainties, which may affect CPAC's business and prospects, including economic, competitive, governmental, technological and other factors discussed in CPAC's filings with the Securities and Exchange Commission.
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