REX Stores Corporation (NYSE:RSC) announced today that it completed the
repurchase of 500,000 shares of its common stock representing all of the
shares authorized under the June 23, 2008 expanded stock buy-back
authorization. The Company’s Board of
Directors has authorized the repurchase of up to an additional 500,000
shares. Purchases will be made from time to time in open market or
private transactions at prevailing market prices, and all shares
purchased will be held in the Company’s
treasury for possible future use. In fiscal 2008 to-date the Company has
purchased a total of 715,600 shares and reflecting all purchases
to-date, REX presently has approximately 10,062,000 shares of common
stock outstanding.
REX has interests in four ethanol entities and is a specialty retailer
of consumer electronic products and appliances. As of April 30, 2008,
the Company operated 111 retail stores in 34 states under the trade name “REX.”
In June 2008 the Company engaged Brown, Gibbons, Lang & Company
Securities, Inc. to assist it in identifying and evaluating strategic
alternatives for its retail segment. The Company expects to consider and
evaluate a broad range of alternatives during the strategic review
process, including opportunities to monetize its real estate portfolio.
There is no assurance that any transaction will occur as a result of the
strategic review process.
This news announcement contains or may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements can be identified by use of
forward-looking terminology such as “may,”
“expect,” “believe,”
“estimate,” “anticipate”
or “continue” or
the negative thereof or other variations thereon or comparable
terminology. Readers are cautioned that there are risks and
uncertainties that could cause actual events or results to differ
materially from those referred to in such forward-looking statements.
These risks and uncertainties include the risk factors set forth from
time to time in the Company’s filings with
the Securities and Exchange Commission and include among other things:
the highly competitive nature of the consumer electronics retailing
industry, changes in the national or regional economies, weather, the
effects of terrorism or acts of war on consumer spending patterns, the
availability of certain products, technological changes, changes in real
estate market conditions, the fluctuating amount of quarterly payments
received by the Company with respect to sales of its partnership
interest in its synthetic fuel investments, and the uncertain amount of
synthetic fuel production and resulting income received from time to
time from the Company’s synthetic fuel
investments. As it relates to ethanol investments, risks and
uncertainties include among other things: the uncertainty of
constructing plants on time and on budget, the price volatility of corn,
sorghum, dried distiller grains, ethanol, gasoline and natural gas, and
the plants operating efficiently and according to forecasts and
projections.
REX Stores Corporation
Douglas Bruggeman, 937-276-3931
Chief
Financial Officer
or
Jaffoni & Collins Incorporated
Joseph
N. Jaffoni/David Collins
212-835-8500
rsc@jcir.com
