SOURCE: HemaCare Corporation

HemaCare Corporation

February 26, 2010 10:30 ET

HemaCare Announces Share Repurchase Program

LOS ANGELES, CA--(Marketwire - February 26, 2010) - HemaCare Corporation (OTCBB: HEMA) today announced that its Board of Directors approved a plan to purchase and retire up to 1,000,000 shares of the Company's common stock, or approximately 10% of current shares outstanding, over a twelve month period. HemaCare anticipates that the purchases will be made from time to time, depending on market prices, from cash on hand.

"We believe that this repurchase plan represents an attractive option for the Company, and reflects the confidence of our Board in HemaCare's long-term prospects," said John Doumitt, HemaCare's CEO. "Over the past two years the Company has paid off debt, built cash, and established a more favorable credit agreement with our bank, and the Board felt it was the appropriate time to take this action."

The timing and amount of any purchases will be determined by HemaCare's management based on its evaluation of market conditions, capital allocation alternatives, and other factors. The share repurchase program does not require HemaCare to acquire any specific number of shares and may be modified, suspended, or terminated by HemaCare at any time without prior notice. The share repurchase program is designed to comply with U.S. securities laws, rules and safe harbors for purchases that do not constitute tender offers.

ABOUT HEMACARE CORPORATION

Founded in 1978, HemaCare is a provider of blood products and services to the healthcare industry. HemaCare is licensed by the FDA and accredited by the AABB. The Company focuses on the customized delivery of human blood-related products and services.

SAFE HARBOR PROVISION

This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this news release include statements relating to the timing of, amounts purchased under, funding and methods of implementation of the Company's share repurchase program. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statement. These statements are based upon, among other things, assumptions made by, and information currently available to, management, including the price of the Company's common stock during the period of the share repurchase program and the Company's future cash requirements. These and other risks are more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:
    HemaCare Corporation
    Robert S. Chilton
    Executive Vice President and Chief Financial Officer
    877-310-0717
    www.hemacare.com