Exhibit 99
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News Announcement | For Immediate Release |
REX AMERICAN RESOURCES AUTHORIZES
REPURCHASE OF ADDITIONAL 500,000 SHARES
- Has Repurchased 465,000 Common Shares Since December 2009 Authorization -
Dayton, Ohio, (October 12, 2010) -- REX American Resources Corporation (NYSE: REX) today announced that its Board of Directors has authorized the repurchase of up to an additional 500,000 shares of its common stock. To date in the third quarter ending October 31, 2010, REX has repurchased 220,000 shares (at an average price of approximately $14.87 per share). Reflecting all purchases to-date, REX presently has approximately 9,491,000 shares of common stock outstanding.
Since its December 2009 authorization, REX has repurchased 465,000 shares of common stock under the December and February 2009 authorizations. Taking into account today’s authorization and the balance of a 500,000 share repurchase authorization in December 2009, REX is presently authorized to repurchase up to 573,000 shares of its common stock.
Share repurchases will be made from time to time in open market or private transactions at prevailing market prices, and all shares purchased will be held in the Company’s treasury for possible future use.
This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the impact of legislative changes, the price volatility and availability of corn, sorghum, dried distiller grains, ethanol, gasoline and natural gas, ethanol plants operating efficiently and according to forecasts and projections, changes in the national or regional economies, weather, the effects of terrorism or acts of war, changes in real estate market conditions and the impact of Internal Revenue Service audits. The Company does not intend to update publicly any forward-looking statements except as required by law.
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For further information contact: |
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Douglas Bruggeman | Joseph Jaffoni/David Collins |
Chief Financial Officer | Jaffoni & Collins |
937/276-3931 | 212/835-8500 |
| rex@jcir.com |
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