| Item 5. Other Events. | ||||||||
| EXHIBIT 99.1 | ||||||||
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: October 10, 2001
MICRO GENERAL CORPORATION
Delaware |
0-8358
|
95-2621545 |
||
(State or other jurisdiction of incorporation) |
(Commission File Number)
|
(IRS Employer Identification Number) |
| 2510 Red Hill Avenue, Santa Ana, California | 92705 | |
| (Address of principal executive offices) | (Zip Code) |
(949) 622-4444
TABLE OF CONTENTS
Item 5. Other Events.
SIGNATURES
Item 5. Other Events.
On October 2, 2001, Micro General Corporation, a Delaware corporation (the “Registrant”), announced that its Board of Directors has authorized a program for repurchases of up to 1,000,000 shares of the Company’s outstanding common stock. The stock will be used for employee equity compensation plans and to reduce the total outstanding shares, and the purchases will be made as, in the opinion of management, market conditions warrant. The stock repurchase program will become effective immediately.
Repurchases may be made from time to time by the Company in the open market at prevailing prices, in either block purchases or in privately negotiated transactions, and in compliance with Securities and Exchange Commission guidelines.
The press release issued by the Registrant in connection with the stock repurchase program is attached hereto as Exhibit 99.1.
(a) Exhibits.
| 99.1 | Press Release of the Registrant announcing the stock repurchase program. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MICRO GENERAL CORPORATION | ||
| Dated: October 10, 2001 |
/s/ Joe Root Joe Root Senior Vice President General Counsel and Corporate Secretary |
2
| Dale
Christensen CFO Micro General Corporation 949-622-4986 dchristensen@microgeneral.com |
Brian Suh Investors Relations Director Micro General Corporation 949-622-4862 bsuh@microgeneral.com |
FOR IMMEDIATE RELEASE
MICRO GENERAL CORPORATION ANNOUNCES
STOCK REPURCHASE PROGRAM
SANTA ANA, Calif. — October 2, 2001 - Micro General Corporation (NASDAQ: MGEN), the leading provider of production and workflow software systems to the title and real estate industries, announced today that its Board of Directors has authorized a program for repurchases of up to 1,000,000 shares of the Company’s outstanding common stock. The stock will be used for employee equity compensation plans and to reduce the total outstanding shares, and the purchases will be made as, in the opinion of management, market conditions warrant. The stock repurchase program will become effective immediately.
Repurchases may be made from time to time by the Company in the open market at prevailing prices, in either block purchases or in privately negotiated transactions, and in compliance with Securities and Exchange Commission guidelines.
“Initiation of the buyback program affirms our confidence in the Company’s future” said John Snedegar, Micro General’s president and chief executive officer. “We believe that the buyback of our shares provides an excellent investment vehicle for corporate funds and is in the best interests of our stockholders,” Snedegar said.
ABOUT MICRO GENERAL
Micro General Corporation is the leading provider of production and workflow software systems to the real estate title and escrow industries. The company’s additional competencies include managed application services, application development and integration, network, data and infrastructure management and IT outsourcing.
The Company has been named to the Deloitte & Touche “Orange County/San Diego Technology Fast 50” for 2001 and as “The Fastest Growing Public Company in Orange County, California” for two consecutive years. Micro General and its operating subsidiaries employ more than 500 individuals nationwide, primarily in technical positions. To learn more about Micro General Corporation, visit our Website at: www.microgeneral.com.
-more-
MICRO GENERAL CORPORATION ANNOUNCES STOCK REPURCHASE PROGRAM - PAGE 2 OF 2
This document contains 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. In addition, from time to time, Micro General Corporation, or its representatives, have made or may make forward-looking statements, orally or in writing. The words “estimate,” “project,” “potential,” “intended,” “expect,” “believe” and similar expressions or words are intended to identify forward-looking statements. Such forward-looking statements may be included in, but are not limited to, various filings made by the Company with the Securities and Exchange Commission, press releases or oral statements made with the approval of an authorized executive officer of the Company. Actual results could differ materially from those projected or suggested in any forward-looking statements as a result of a wide variety of factors and conditions, some of which are discussed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2000.
# # #