Kona Grill Inc fka KONA

[Superfly15]

Kona Grill Announces Stock Repurchase Plan

Today : Tuesday 22 November 2011


Kona Grill, Inc. (NASDAQ: KONA), an American grill and sushi bar, announced that its Board of Directors authorized the repurchase of up to $5 million of the company's outstanding common stock, effective November 22, 2011. Repurchases under the program will be made in open market or privately negotiated transactions in compliance with the Securities and Exchange Commission Rule 10b-18. The company intends to fund the repurchase program from available cash and to retire any shares repurchased. The company, however, has no obligation to repurchase shares under this authorization, and the timing, actual number and value of shares to be purchased will depend on the company's stock price and other market conditions.
Michael A. Nahkunst, the company's President and Chief Executive Officer, stated, "The company is initiating this repurchase program in the best interests of its stockholders, as we believe our common stock represents an attractive value."

The company also announced that Mark S. Robinow is no longer Executive Vice President, Chief Financial Officer and Secretary of the company, effective as of November 21, 2011.