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Matsushita Electric to Execute Own Share Repurchase
Osaka, Japan, August 27, 2004 -- Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol: MC]) announced that its Board of Directors today resolved to repurchase its own shares, pursuant to Article 211-3, Paragraph 1, Item 2 of the Commercial Code of Japan.
Reason for Share RepurchaseThis resolution is a part of continuing efforts to enhance corporate value through shareholder-oriented management, and enables flexible and agile capital management in a rapidly changing economic environment.
Details of Share Repurchase
- Class of shares: Common stock
- Aggregate number of repurchaseable shares: Up to 80 million shares
- Aggregate repurchase amount: Up to 100 billion yen
- Period of repurchase: Between August 30, 2004 and late March 2005
- Total number of shares issued (excluding treasury stock):
2,318,404,818 shares - Treasury stock:
134,648,679 shares
Disclaimer Regarding Forward-Looking Statements
This press release includes forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934) about Matsushita and its group companies (the Matsushita Group). To the extent that statements in this press release do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are based on the current assumptions and beliefs of the Matsushita Group in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the Matsushita Group's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. Matsushita undertakes no obligation to publicly update any forward-looking statements after the date of this press release. Investors are advised to consult any further disclosures by Matsushita in its subsequent filings with the U.S. Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
The risks,
uncertainties and other factors referred to above include, but are
not limited to, economic conditions, particularly consumer spending
and corporate capital expenditures in the United States, Europe, Japan
and other Asian countries; volatility in demand for electronic equipment
and components from business and industrial customers, as well as
consumers in many product and geographical markets; currency rate
fluctuations, notably between the yen, the U.S. dollar, the euro,
Asian currencies and other currencies in which the Matsushita Group
operates businesses, or in which assets and liabilities of the Matsushita
Group are denominated; the ability of the Matsushita Group to respond
to rapid technological changes and changing consumer preferences with
timely and cost-effective introductions of new products in markets
that are highly competitive in terms of both price and technology;
the ability of the Matsushita Group to achieve its business objectives
through joint ventures and other collaborative agreements with other
companies; the ability of the Matsushita Group to maintain competitive
strength in many product and geographical areas; current and potential,
direct and indirect restrictions imposed by other countries over trade,
manufacturing, labor and operations; and fluctuations in market prices
of securities and other assets in which the Matsushita Group has holdings;
as well as future changes or revisions to accounting policies or accounting
rules.
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