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NEWS RELEASE:
FOR IMMEDIATE RELEASE:
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Contact:
Scott Veech, CFO
Rich Linden, President & CEO
Merge Healthcare
(414) 977-4000
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MERGE HEALTHCARE EXPANDS STOCK REPURCHASE PROGRAM
Milwaukee, WI, March 1, 2006 - Merge Technologies Incorporated, d.b.a. Merge Healthcare, (NASDAQ: MRGE; TSX: MRG), today announced that its Board of Directors has authorized the Company to expand its stock repurchase program to a total of $20 million of the Company’s common stock, from the prior authorization of $10 million. In addition, the Company has eliminated the cap on the number of shares that may be purchased in any quarter. The timing and amount of repurchases will be determined by the Company, based on an evaluation of market conditions, applicable securities laws, compliance with loan covenants, and other factors.
“This expanded stock repurchase program will enhance our ability to maximize shareholder value,” said Richard Linden, President and CEO. “As of December 31, 2005 we had a cash balance of approximately $64 million. Additionally, we have no outstanding debt, access to a $35 million line of credit, and we continue to produce positive cash flow. Given our strong financial position, we believe that this expanded stock repurchase plan contributes to our ability to build shareholder value, while maintaining sufficient resources to continue investing in our growth strategies.”
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Merge Healthcare is a market leader in the development and delivery of medical imaging and information management software and services. Our innovative software solutions use leading-edge imaging software technologies that accelerate market delivery for our OEM customers, while our end-user solutions improve our customers' productivity and enhance the quality of patient care they provide. For additional information, visit our website at www.merge.com.
Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. When used in this press release, the words: guidance, believes, intends, anticipates, expects, and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements based on a number of factors, including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, ability to integrate acquisitions, unexpected outcomes to any pending or future litigation, changing economic conditions, credit and payment risks associated with end-user sales, dependence on major customers, dependence on key personnel, and other risk factors detailed in filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.
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Attn: Beth Frost-Johnson
Merge Healthcare
6737 West Washington St.
Suite 2250
Milwaukee, WI 53214
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| Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. When used in this press release, the words “will,” “believes,” “intends,” “anticipates,” “expects” and similar expressions are intended to identify forward-looking statements. Actual results could differ materially from those expressed in, or implied by, the forward-looking statements based on a number of factors, including, but not limited to, the uncertainty created by, the adverse impact on relationships with customers, potential customers, suppliers and investors potentially resulting from, and other risks associated with, the changes in the Company’s senior management; costs, risks and effects of the investigation by the Audit Committee of the Board of Directors; the impact of the restatement of financial statements of the Company and other actions that may be taken or required as a result of such restatement; the Company's inability to timely file reports with the Securities and Exchange Commission; risks associated with the Company's inability to meet the requirements of The NASDAQ Stock Market for continued listing, including possible delisting; costs, risks and effects of legal proceedings and investigations, including the informal, non-public inquiry being conducted by the Securities and Exchange Commission and class action, derivative, and other lawsuits; risks in product and technology development, market acceptance of new products and continuing product demand, the impact of competitive products and pricing, ability to integrate acquisitions, changing economic conditions, credit and payment risks associated with end-user sales, dependence on major customers, dependence on key personnel, and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances, or for any other reason.
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