DETROIT, Dec. 2 United American HealthcareCorporation (Nasdaq: UAHC), which owns and provides comprehensive healthcaremanagement services to a managed care organization in Tennessee, todayannounced that its Board of Directors has approved a share repurchase program,authorizing the Company to repurchase up to $1.0 million of its outstandingcommon stock.
The program allows for the Company's common shares to be purchased in theopen market at prevailing prices from time to time at the discretion ofmanagement and in accordance with applicable federal securities laws. Sharerepurchases under this program may be made through a variety of methods, whichmay include open market purchases, block trades or otherwise, or by anycombination of such methods. The timing of repurchases and the exact numberof shares of common stock to be purchased will depend upon market conditionsand other factors. The repurchase program does not obligate the Company torepurchase any specific number of shares and may be modified or discontinuedat any time. The program will be funded using the Company's existing cashbalances as well as cash generated from operations. The Company currently has8.8 million shares of common stock outstanding.
"We are pleased to underscore our commitment to enhancing shareholdervalue with this share repurchase authorization," said William C. Brooks,president and CEO of United American Healthcare. "Our management team andBoard remain actively engaged in reviewing a variety of long-term strategicalternatives for the Company. In considering these options, we are currentlyguided by three objectives: a significant revenue contribution, positiveEBITDA and long-term growth opportunities. During this review, as we havepreviously reported, all options are being considered, including potentialacquisitions, partnerships and liquidation of the Company. As this processcontinues, we remain focused on enhancing value for our shareholders, and thisrepurchase authorization is an important step in that regard."
About United American Healthcare Corporation
United American Healthcare Corporation ("UAHC") is a full-servicehealthcare management company, pioneering the delivery of healthcare servicesto Medicaid recipients since 1985. UAHC owns and manages UAHC Health Plan,which is based in western Tennessee and includes the Memphis market. For moreinformation, please visit the Company's web site at www.uahc.com.
United American Healthcare Corporation Safe Harbor Statement
Forward-looking statements by United American Healthcare Corporation,including those in this announcement, involve known and unknown risks, whichmay cause actual results and corporate developments to differ materially fromthose expected. Factors that could cause results and developments to differmaterially from expectations include, without limitation, the effects of stateand federal regulations, the effects of acquisitions and divestitures, andother risks described from time to time in each of United AmericanHealthcare's SEC reports, including quarterly reports on Form 10-Q, annualreports on Form 10-K, and reports on Form 8-K.
SOURCE United American Healthcare Corporation