SOURCE: Channell Commercial Corporation

October 09, 2008 14:00 ET

Channell Announces Stock Repurchase Program

TEMECULA, CA--(Marketwire - October 9, 2008) - Channell Commercial Corporation (NASDAQ: CHNL), a designer and manufacturer of telecommunications equipment supplied to operators of communications networks worldwide and water harvesting solutions distributed in markets throughout Australia and North America, announced that its board of directors has approved a stock repurchase program in an amount not to exceed $200,000 in the aggregate in a fiscal year subject to the conditions and limitations contained in its domestic loan agreement or as otherwise agreed to by the Company's lender. The Company has approximately 9.5 million shares outstanding as of June 30, 2008.

Shares acquired pursuant to the repurchase program are expected to be purchased from time to time on the open market or in privately negotiated transactions, depending on market conditions and the capital requirements of the Company. Any open market stock repurchase activities will be conducted in compliance with the safe harbor provisions of Rule 10b-18 of the Securities Exchange Act of 1934. This program can be suspended or discontinued at any time by the Company's board of directors.

About Channell

Channell Commercial Corporation is a designer and manufacturer of telecommunications equipment supplied to communications network operators worldwide and water harvesting solutions distributed in markets throughout Australia and North America. Major product lines include a complete line of thermoplastic and metal fabricated enclosures, advanced copper termination and connectorization products, fiber-optic cable management systems and polyethylene water storage tanks. The Company's headquarters and U.S. manufacturing facilities are in Temecula, California. International operations include facilities in Toronto (Canada), London (U.K.) and various locations throughout Australia. The Company's website is www.channell.com.

Forward-Looking Statements

This news release contains statements that are not historical in nature and that may be characterized as "forward-looking statements" within the meaning of the securities laws. These statements are based on management's current expectations, are neither promises nor guarantees, and are subject to a number of uncertainties and risks that could cause a failure to comply with these forward-looking statements. Such risks and uncertainties include, but are not limited to: (1) obsolescence of Company products resulting from technological change, (2) ability to anticipate changes in technology and industry standards in order to successfully develop and introduce new products, (3) dependence on a few customers for a large percentage of sales, (4) dependence on the telecommunications industry to represent a substantial portion of the Company's total sales, (5) customer demand, (6) material costs and the availability of complementary products, (7) energy costs, (8) integration of acquired businesses, (9) delays in product development, (10) operating leverage, (11) seasonality and fluctuations in operating results and (12) worldwide economic conditions. For a detailed discussion of such risks and uncertainties, please see the Company's filings with the Securities and Exchange Commission, which you are encouraged to review in connection with this release. You should not place undue reliance on any such forward-looking statements in this press release, which are current only as of the date when made, and you should not expect that these forward-looking statements will be updated or supplemented as a result of changing circumstances or otherwise.

Contact Information

  • At the Company:
    Michael Perica
    Treasurer
    951-719-2600
    Email Contact