MotorVac Set for Share Buybacks
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MotorVac Technologies Inc. said its board has approved plans to buy back up to 451,492 shares of common stock, about 10% of the company’s outstanding shares, from time to time on the open market.
The company said it believes the stock, which was trading Friday at 75 cents a share, is undervalued. The shares have lost about 57% of their value so far this year.
Santa Ana-based MotorVac makes systems for cleaning internal combustion engines.
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