ZURICH, Switzerland, April 1, 2005 (PRIMEZONE) -- Nobel Biocare (Other OTC:NBCHF), the world leader in innovative esthetic dental solutions, today announced that its Board of Directors has approved a share buy-back program to fund a new share option program for employees and officers of the group for up to 1,100,000 shares. The share buy-back program is subject to the Annual General Meeting's approval to convert general reserves into free reserves. The Annual General Meeting will be held on 28 April 2005. The share buy-back program was approved by the Swiss Takeover Board.
On 9 February 2005 the Board of Directors of Nobel Biocare decided on a new share option program for employees and officers of the group. To fund this program, Nobel Biocare intends to purchase shares on the open market from time to time during two years. The buy-back comprises up to 1,100,000 shares, which correspond to approximately 4% of the current issued capital. As of today, Nobel Biocare owns 10,000 or approximately 0.04% of its own shares.
"We have a very solid balance sheet and generate strong cash flow, which allows us to return some cash to our shareholders with this buy-back program and to continue to investigate all opportunities of strategic interest," said Rolf Soiron, Nobel Biocare's Chairman of the Board.
Under Swiss Law, the buy-back of own shares requires the existence of so-called free reserves. Currently, the funds are bound by general reserves (share premium). The conversion of general reserves into free reserves is a prerequisite for the implementation of the share option and buy-back programs. The Board of Directors proposes to approve this conversion at the upcoming 3rd Annual General Meeting of Nobel Biocare, which will be held on 28 April 2005 in Zurich.
Nobel Biocare is a medical devices group and the world leader in innovative esthetic dental solutions with its brands Branemark System(r), Replace(r) Select, NobelPerfect(tm), NobelDirect(tm) (dental implants) and Procera(r) (individualized dental prosthetics).
Nobel Biocare is a one-stop shop for restorative esthetic dentistry, offering a wide range of innovative Crown & Bridge & Implant products, as well as training & education and clinically documented treatment concepts.
Nobel Biocare has 1,430 employees and 2004 revenue of EUR 388 million. The company is domiciled in Zurich, Switzerland with headquarters in Zurich and in Gothenburg, Sweden, while production takes place at four production sites located in Sweden and the U.S. Nobel Biocare has its direct sales organizations in 29 countries.
The shares of the parent company Nobel Biocare Holding AG are listed on the SWX Swiss Exchange and on the Stockholm Stock Exchange, Sweden.
Nobel Biocare Holding AG, Postfach 8058 Zurich-Flughafen, Switzerland
Media Release (PDF): http://www.newsbox.ch/public/2812/att/2691_mediarelease.pdf
Ad share buy back program (PDF): http://www.newsbox.ch/public/2812/att/2692_adsharebuybackprogram.pdf