| Westford,
Massachusetts -- January 31, 2000 -- GenRad, Inc.
(NYSE: GEN) today announced that its Board of Directors
has authorized the repurchase of an additional 2.5 million
shares of GenRad common stock, bringing the total number
of shares approved for repurchase to 5 million, or approximately
17% of the issued and outstanding common stock of the
Corporation. As of January 1, 2000 the Company had repurchased
a total of 2,044,600 shares.
The Company plans to purchase the shares in the open
market and/or in private transactions. The number of
shares purchased and the timing of purchases will be
based on several conditions, including the price of
GenRad stock and general market conditions.
James F. Lyons, Chairman and CEO, stated "By approving
the additional stock repurchase the Board of Directors
has cleared the way for us to strengthen the value of
the stock our investors currently hold and to create
a more attractive opportunity for others to buy or increase
holdings. We are committed to protecting the integrity
of the Company and our stockholders’ investment."
GenRad Background
GenRad, Inc. provides electronics OEMs and their customers
with the hardware, software and services to increase
productivity by optimizing product design, manufacturing
and after-market service. GenRad, headquartered in Westford,
MA, offers products and services through three business
units: Advanced Diagnostic Solutions (ADS), Electronic
Manufacturing Solutions (EMS), and GR Software (GRS).
GenRad’s web site address is http://www.genrad.com.
GenRad’s most current shareholder information
is available by visiting our Website at http://www.genrad.com
or calling our Fax on Demand Service at (800) 469-1261.
Statements made in this press release which are not
historical, including statements regarding future performance,
product capabilities and markets are forward looking
statements and as such are subject to a number of risks.
Factors that may cause results to differ materially
from those projected are discussed in GenRad’s
1998 Annual Report on Form 10-K for the fiscal year.
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