USA: Scheid Vineyards Inc. Announces New Stock Repurchase Program
Scheid Vineyards Inc. (Nasdaq: SVIN) announced today that it has instituted a new stock repurchase program in which the Company may spend up to $3 million in open market transactions to purchase outstanding shares of its Class A Common Stock at such times, and in such amounts or blocks, as deemed appropriate. This repurchase program will expire on June 30, 2001.In connection with the adoption of the new stock repurchase program, the Company has terminated its prior stock repurchase program adopted in September 1999. This program would have expired on December 31, 2000 and authorized the purchase of up to $2.5 million of Class A Common Stock. Under the prior repurchase program, the Company repurchased approximately 540,000 shares of Class A Common Stock for an aggregate purchase price of approximately $2.3 million.Scheid Vineyards Inc. is a leading independent producer of premium wine grapes and operates approximately 6,000 acres of vineyards, primarily in Monterey County, California. The Company sells most of its grape production under long-term contracts to wineries producing primarily premium quality table wines, and the Company also produces a small amount of ultra-premium wine under its own labels.
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