Noble International announces $5 million common stock repurchase and $10 million debenture repurchase program
NOBLE INTERNATIONAL ANNOUNCES $5 MILLION COMMON STOCK REPURCHASE AND $10 MILLION DEBENTURE REPURCHASE PROGRAM Bloomfield Hills, Michigan - Noble International, Ltd. (Nasdaq: NOBL) today announced that its Board of Directors approved a stock repurchase program of up to $5.0 million of common stock. At current prices this would represent approximately 4 percent of the Company's shares outstanding. Shares will be repurchased from time-to-time in the open market, depending upon market conditions in accordance with Securities and Exchange Commission Rules. In addition, the Board of Directors has approved a repurchase of up to $10.0 million of the Company's 6% Convertible Subordinated Debentures. "The Board's action confirms their belief in the Company's principal strategies and goals. The opportunities that are presented to the Company clearly make the Company repurchase of the stock and the Debentures an excellent investment," stated Robert J. Skandalaris, the Company's Chairman and Chief Executive Officer. Noble International, Ltd. is a leading Tier II full-service supplier of automotive parts, component assemblies and value-added services to the automotive industry. As a supplier, Noble provides design, engineering, manufacturing, complete program management and other services to the automotive market. Noble delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping its customers increase their productivity while controlling costs. Certain statements in this news release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward- looking statements, including those detailed in the company's filings with the Securities and Exchange Commission. Contact: Michael C. Azar of Noble International, Ltd., +1 248-433-3093/ (NOBL) ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/02/10/20000210BIT00010/bit0001.doc http://www.bit.se/bitonline/2000/02/10/20000210BIT00010/bit0002.pdf