EDCI Holdings (EDCI) Extends Stock Buyback Plan

May 26, 2009 11:20 AM EDT

EDCI Holdings, Inc. (Nasdaq: EDCI) announced that EDCI's Board of Directors has approved a twelve month extension of EDCI's common stock repurchase program and also added a provision to the program which allows EDCI to repurchase shares of its common stock under a 10b5-1 plan.

As previously announced, in June 2008 EDCI's Board of Directors approved the repurchase of up to one million shares of common stock over the twelve month period ending on June 3, 2009. To date, EDCI has repurchased a total of 174,794 shares under the plan. Given EDCI's substantial cash position, the market price of its common shares, and the reduced probability of EDCI making an acquisition that satisfies EDCI's primary acquisition requirements, EDCI's Board of Directors determined that it was prudent to extend the repurchase program for an additional twelve months. Furthermore, EDCI's Board of Directors determined that adding a provision to the program that allowed EDCI to repurchase shares of its common stock under a 10b5-1 plan was appropriate given the substantial periods of time during which EDCI has been restricted from such repurchases of shares of its common stock due to blackout periods.

EDCI Holdings Inc. (EDCIH), is a holding company for Entertainment Distribution Company, Inc.(EDCI) which, together with its wholly owned and controlled majority owned subsidiaries, is a multi-national company in the manufacturing and distribution segment of the entertainment industry. [SM]

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