IRVINE, Calif., June 10 /PRNewswire-FirstCall/ -- CorVel Corporation(Nasdaq: CRVL) announced today that pursuant to Board of Directors approval,the Company will enter into a pre-arranged stock trading plan on June 12,2008, to repurchase shares of its common stock during the succeeding eightweeks through a brokerage agreement.
The stock trading plan will be in accordance with guidelines specifiedunder Rule 10b5-1 of the Securities and Exchange Act of 1934 and consistentwith CorVel Corporation's policies regarding stock transactions. Rule 10b5-1allows public companies to adopt written, pre-arranged stock trading planswhen they do not have material, non-public information in their possession.The Company may purchase up to 100,000 shares of its common stock on the openmarket from time to time over a period of two months ending in mid-August atprevailing prices, subject to market conditions and other factors. Theseshares are included in the 12,150,000 shares previously authorized by theCompany's Board of Directors to be repurchased. Through March 31, 2008, theCompany has repurchased 11,688,000 shares of its common stock through openmarket purchases.
About CorVel
CorVel Corporation (http://www.corvel.com/) is a national provider ofleading-edge services and solutions in the field of disability management.CorVel specializes in applying information technology and e-commerceapplications to improve healthcare management in the workers' compensation,group health, auto and disability management insurance markets. The Companyprovides networks of preferred providers, claims administration, casemanagement, utilization management, and medical bill review to more than 2,000clients nationwide. Leveraging its commitment to flexibility and personalservice, CorVel delivers custom solutions for employers, insurers, third partyadministrators and government entities.
Safe Harbor Statement under the Private Securities Litigation Reform Actof 1995
All statements included in this press release, other than statements orcharacterizations of historical fact, are forward-looking statements. Theseforward-looking statements are based on the Company's current expectations,estimates and projections about the Company, management's beliefs, and certainassumptions made by the Company, and events beyond the Company's control, allof which are subject to change. Such forward-looking statements include, butare not limited to, statements relating to the Company's stock repurchaseprogram and the entry into a Rule 10b5-1 plan. These forward-lookingstatements are not guarantees of future results and are subject to risks,uncertainties and assumptions that could cause the Company's actual results todiffer materially and adversely from those expressed in any forward-lookingstatement.
The risks and uncertainties referred to above include, but are not limitedto, factors described in this press release and the Company's filings with theSecurities and Exchange Commission, including 'Risk Factors' in the Company'sAnnual Report on Form 10-K for the year ended March 31, 2007. Theforward-looking statements in this press release speak only as of the datethey are made. The Company undertakes no obligation to revise or updatepublicly any forward-looking statement for any reason.
SOURCE CorVel Corporation
