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Endovasc Announces Stock Repurchase Program
Thursday April 28, 11:09 am ET
MONTGOMERY, Texas--(BUSINESS WIRE)--April 28, 2005--The Board of Directors of Endovasc, Inc. (OTCBB: EVSC - News), has authorized the purchase of up to 50% of the outstanding shares of the Company's Common Stock, $.001 par value per share and up to 100% of the outstanding shares of Series NDC Common Stock. It is anticipated that any purchases of shares will be made through a program of open market purchases.
"We see Endovasc as a tremendous investment opportunity and believe the stock is significantly undervalued. The stock repurchase will benefit both the company and our shareholders," said Diane Dottavio, CEO of Endovasc, Inc.
According to Dwight Cantrell, Endovasc CFO, "The Board of Directors authorized the buyback plan because the share price of both the Common Stock and the Series NDC Common Stock is currently trading at substantial discount to our perceived share value and, consequently, does not reflect the recent progress being made in the launch of a nutraceutical product that contains our proprietary technology, nor does it reflect our promising Phase II Liprostin data. We plan to utilize a portion of the royalty income generated from the sales of our nutraceutical technology to fund the repurchase shares of Series NDC Common Stock and income from other sources to repurchase shares of Common Stock. "
Repurchases will be from time to time at the Company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its Common Stock and Series NDC Common Stock, and general market conditions. No time limit was set for completion of the repurchase program.
About Endovasc, Inc.
Endovasc, Inc., established in 1996, is a Business Development Company focused on innovative drug development in the areas of cardiovascular and metabolic medicine. Endovasc's Subsidiaries include: Angiogenix Limited which retains the sublicense for an isomer of nicotine that has shown to recruit the body's own stem cells that help grow new blood vessels, aiming to relieve chest pain and improve heart function in patients with chronic myocardial ischemia; Liprostin Incorporated, which holds the intellectual property for a liposomal based treatment to increase circulation, and reduce leg pain in patients suffering from vascular disease; and Nutraceutical Development Corporation which has an agreement in place with an innovative product development company to commercialize its muscle mass enhancing product. For more information about Endovasc, please visit www.endovasc.com.
Safe Harbor Statement
All statements other than statements of historical fact included in this press release are ``forward-looking statements.'' The forward-looking statements, including statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements (i.e., future operational results and sales) are subject to assumptions and beliefs based on current information known to the Company and factors that are subject to uncertainties, risk and other influences, which are outside the Company's control, and may yield results differing materially from those anticipated.
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Contact:
Investor Relations for Endovasc Inc.
David Zazoff, 212-505-5976
PressReleases@za-consulting.net
