Ambassadors Group Announces Share Purchase Transaction with Invemed Catalyst Fund, L.P.
January 30 2007 - 5:30AM
Business Wire
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.
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