TAUNTON, Mass.--(BUSINESS WIRE)--Dec. 8, 2008--Kopin Corporation (NASDAQ: KOPN) announced today that its Board of
Directors has authorized the repurchase of up to $15 million of the
Company's common stock.
Kopin intends to finance the repurchase program with available cash. The
Company plans to buy shares in the open market or through privately
negotiated transactions from time to time, subject to market conditions
and other factors and in compliance with applicable legal requirements.
The plan does not obligate Kopin to acquire any particular amount of
common stock, and can be suspended at any time at the Company's sole
discretion. Kopin has approximately 67.8 million shares of common stock
outstanding. On December 5, 2008, the Company's common stock closed at
$1.96 per share.
"We believe our stock is currently undervalued," said Kopin President
and Chief Executive Officer Dr. John C.C. Fan. "As a result, we see this
repurchase program as a prudent use of capital that underscores our
commitment to building long-term value for our shareholders. With nearly
$92 million in cash and equivalents on our balance sheet as of September
27, 2008, and no long-term debt, we have ample financial resources to
fund this program while continuing to execute our growth strategy. At
the same time, we recognize that maintaining a strong cash position is
essential in light of the global economic environment, so we want to
assure shareholders that our repurchase program will be implemented
judiciously."
About Kopin
Kopin Corporation produces lightweight, power-efficient, ultra-small
liquid crystal displays and III-V products, including heterojunction
bipolar transistors (HBTs), that are revolutionizing the way people
around the world see, hear and communicate. Kopin has shipped more than
30 million displays for a range of consumer and military applications
including digital cameras, personal video eyewear, camcorders, thermal
weapon sights and night vision systems. The Company's HBTs, which help
to enhance battery life, talk time and signal clarity, have been
integrated into billions of wireless handsets as well as into WiFi, VoIP
and high-speed Internet data transmission systems. Kopin's proprietary
display and III-V technologies are protected by more than 200 global
patents and patents pending. For more information, please visit Kopin's
website at www.kopin.com.
CyberDisplay and The NanoSemiconductor Company are trademarks of Kopin
Corporation.
Kopin - The NanoSemiconductor Company(TM)
Safe Harbor Statement
Statements in this news release about Kopin's plan to repurchase up
to $15 million in common stock may be considered "forward-looking"
statements under the "Safe Harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These include statements relating to
Kopin's plans to buy shares in the open market or through privately
negotiated transactions from time to time; our belief that our stock is
currently undervalued; our belief that this program is a prudent use of
capital that underscores our commitment to building long-term value for
our shareholders; our belief that we have ample resources to fund this
program while continuing to execute our growth strategy; and our
statement that the repurchase program will be implemented judiciously.
These statements involve a number of risks and uncertainties that could
cause actual results to differ materially from those expressed in the
forward-looking statements. These risks and uncertainties include, but
are not limited to, economic conditions and other factors that might
affect the timing and the amount of the share repurchase; the potential
that any share repurchase will not enhance shareholder value;
competitive products, commodity pricing and other external factors that
might affect Kopin's position in the marketplace; and other risk factors
and cautionary statements listed in the Company's periodic reports and
registration statements filed with the Securities and Exchange
Commission, including the Annual Report on Form 10-K for the 12 months
ended December 29, 2007, and the Company's subsequent filings with the
Securities and Exchange Commission. You should not place undue
reliance on any forward-looking statements, which speak only as of the
date on which they are made. The Company undertakes no responsibility to
update any of these forward-looking statements to reflect events or
circumstances occurring after the date of this report.
CONTACT: Kopin CorporationRichard Sneider, 508-824-6696
Chief Financial Officer
Richard_Sneider@kopin.com
or
Sharon Merrill Associates, Inc.Scott Solomon, 617-542-5300
Vice President
ssolomon@investorrelations.com
Source: Kopin Corporation