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Zurich, Switzerland, 16 April 2003 – Tecan, a leading player in the Life Sciences supply industry, today held its Annual General Meeting in Zürich at the Casino Zürichhorn. At the meeting, Tecan shareholders approved the annual financial statements for 2002, proposals for a further share buy-back program and re-election of the members of the Board of Directors.
Emile Sutcliffe, Chief Executive Officer of Tecan, remarked: “We are pleased to confirm the approval by Tecan shareholders of the proposal for an additional share buy back program.“ He added: “Tecan has a good cash position and a strong balance sheet which enables the company to deliver value arising from its favourable financial position to its shareholders. This further share buy-back program will commence on 5 May 2003. “
The new share buy-back program is limited to a maximum of 10% of the outstanding share capital. Under the terms of the proposed buy-back program, the repurchased shares are exclusively allocated to cancellation and share capital reduction and are not regarded as own shares within the meaning of Article 659 of the Swiss Code of Obligations. The repurchase of these shares will be effected via a second trading line on the SWX Swiss Exchange.
Shareholders will be asked at the Ordinary Annual Meeting of Shareholders in 2004 to approve the cancellation of the shares repurchased in the meantime under the share buy-back program, authorize the corresponding capital reduction and approve the necessary amendment to the articles of incorporation.
Approval of business reports
Shareholders approved the business reports for 2002 including the annual report, annual financial statements, and consolidated financial statements for the year.
Re-election of Board of Directors
At the meeting, shareholders re-elected Mr Mike Baronian, Prof. Dr Armin Seiler, Dr Emile Sutcliffe, Messrs. Timothy B. Anderson and Hans-Joerg Kummer as directors for a new statutory mandate of one year. With the exception of Dr Sutcliffe, all the members of the Board of Directors are non-executive members.
For the year ended December 31, 2002, Tecan reported worldwide sales of CHF 332.2 million. Operating profit reached CHF 44.7 million and net profit amounted to CHF 33.0 million. Cash Flow from operating activities increased by 31.6% to CHF 42.6 million. Details of first quarter results for 2003 will be presented on 6 May.
Dr. Emile C. Sutcliffe
Chief Executive Officer
Tel.: +41 (0)44 922 81 11
Fax: +41 (0)44 922 88 89
Rochat & Partners:
Rochat & Partners
Tel.: +41 (0)22 786 54 55
Fax: +41 (0)22 786 54 58