EXHIBIT 99
FOR IMMEDIATE
RELEASE:
NEWS
December 8, 2000
Nasdaq
National Market/AVRT
http://www.avert.com
AVERT, INC.
BOARD OF DIRECTORS APPROVES ONE MILLION DOLLARS
($1,000,000) FOR REPURCHASE OF SHARES IN OPEN MARKET
FORT COLLINS, Colorado
– Avert, Inc. (NASDAQ National Market/AVRT), an Internet-based information
services company providing employment screening and human resource solutions to
a diverse nationwide client base, announced today that its board of directors
has approved an expenditure of up to $1 million to repurchase its shares in the
open market.
“Avert’s board of
directors believes that current stock prices present an opportunity for the
Company to repurchase its stock at a great value for the shareholders”
stated Dean Suposs, President of Avert. “We believe that the stock is
currently under-valued given that we have had a EPS growth rate of 56 percent
and a top-line growth rate of 46 percent through three quarters this year. In
contrast, the stock is trading at a multiple of 15, using trailing annual
earnings, and less than a multiple of 10, using analyst consensus for projected
2001 earnings.”
The funds used to
repurchase the shares will come solely from past retained earnings and any
shares repurchased will be retired as authorized but unissued shares of common
stock. The actual number of shares that will be purchased will be dependent on
the value of the Company’s stock in the open market.
About Avert,
Inc.
Avert, Inc. provides
employment background checks and HR solutions to over 14,000 clients nationwide.
Combining innovative Internet technology and more than a decade of experience,
Avert offers clients fast turnaround, current data and competitive pricing on
products including criminal court records, driving records, reference checks and
much more. Avert also offers certified HR support for post- and pre-hire
employment issues. Visit our headquarters at www.avert.com.
This press release may
contain forward-looking statements that are made pursuant to the “safe
harbor” provisions of the Private Securities Litigation Reform Act of 1995.
Factors that may cause the company’s actual results to differ materially
from those expressed in the forward-looking statements include, but are not
limited to, the following: risks associated with potential liability for failure
to comply with federal and state regulations; liability to customers and/or to
the subjects of background checks for inaccurate or misuse of information; loss
of key personnel; and intense competition, as well as general economic business
conditions, changes in laws or regulations and other factors, many of which are
beyond the control of the company.
CONTACT: Katherine Link - 800.367.5933 x 217 or [email protected]
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