Ambassadors (NASDAQ:EPAX)
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Ambassadors Group, Inc. (NASDAQ: EPAX) (“Company”),
a leading provider of educational travel experiences, announced today
that its board of directors approved the purchase of 1,200,001 shares of
the Company’s common stock, at $27.46 dollars
per share for a total purchase price of approximately $33.0 million,
from Invemed Catalyst Fund, L.P. The board of directors approved this
single purchase opportunity with Invemed Catalyst Fund, L.P. independent
from the Company’s current share repurchase
program approved by the board of directors in May 2004 and increased in
August 2005 and November 2006. The total amount authorized for
repurchase under the Company’s share
repurchase plan is $25 million. The Company has already repurchased
shares for approximately $19.5 million, and approximately $5.5 million
remains available for repurchase under the Company’s
share repurchase plan.
Jeff Thomas, president and chief executive officer of Ambassadors Group,
Inc., stated, “The purchase of the shares held
by Invemed Catalyst Fund, L.P. emphasizes our continued commitment to
delivering increased value to our shareowners and enhances the long term
value of our organization.”
Business overview
Ambassadors Group, Inc. is a leading educational travel organization
that organizes and promotes international and domestic programs for
students, athletes, and professionals. These programs provide the
opportunities for grade school, junior, and senior high school students
to visit foreign and domestic destinations to learn about the history,
government, economy and culture of such areas, as well as for junior and
senior high school athletes to participate in international sports
challenges. Our professional programs emphasize meetings and seminars
between participants and persons in similar professions abroad. We are
headquartered in Spokane, Washington, with associates also in Denver,
Colorado and Washington, D.C. In this press release, “Company,”
“we,” “us,”
and “our” refer to
Ambassadors Group, Inc.
Forward-looking statements
This press release contains forward-looking statements regarding our
actual and expected financial performance and the reasons for variances
between period-to-period results. Forward-looking statements, which are
included per the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995, may
involve known and unknown risks, uncertainties and other factors that
may cause our actual results and performance in future periods to be
materially different from any future results or performance suggested by
the forward-looking statements in this release. Such forward-looking
statements speak only as of the date of this release and may not reflect
risks related to the conflict in the Middle East and international
unrest, outbreak of disease, conditions in the travel industry, direct
marketing environment, changes in economic conditions and changes in the
competitive environment. We expressly disclaim any obligation to provide
public updates or revisions to any forward-looking statements found
herein to reflect any changes in our expectations or any change in
events. Although we believe the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, we can
give no assurance that our expectations will be attained. For a more
complete discussion of these and other factors, please refer to the
Ambassadors Group, Inc. 10K filed March 9, 2006 and proxy filed April 7,
2006.