Q.E.P. Co. (QEPC) Initiates a Common Stock Buyback Program To Buy $2 Million In Stock
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- Q.E.P. Co. (QEPC) Initiates a Common Stock Repurchase Program
Q.E.P. Co., Inc. (Nasdaq: QEPC) entered into a Rule 10b5-1 Purchase Plan in order to purchase up to $2,000,000 of the Company's common stock pursuant to the requirements of and in conformity with Rule 10b5-1 and 10b-18 of the Securities Exchange Act of 1934. On May 29, 2008, the Company announced that its Board of Directors approved a stock repurchase program authorizing the Company to repurchase a maximum of $4,000,000 of the Company's common stock, subject to approval by its lenders.
Subsequently, the Company's lenders approved the repurchase of up to $2,000,000 of the Company's common stock subject to there being credit availability of not less than $2,000,000 after giving effect to any repurchases. The stock repurchases may be made pursuant to the Plan from time to time on the open market or in privately negotiated transactions.
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