News | January 11, 2010

Ultrasound Manufacturer to Repurchase $100M of Own Stock

January 11, 2010 - The board of directors of a hand-carried ultrasound manufacturer, SonoSite Inc., authorized the repurchase of up to $150 million of the company’s common stock or outstanding convertible notes for cash.

In connection with the repurchase authorization, the company will purchase up to $100 million of the company’s common stock through a modified “Dutch Auction” tender offer. SonoSite intends to commence the tender offer during the week of January 18, 2010. The move will benefit stockholders by providing liquidity at a premium over current trading prices.

Under the terms of the proposed tender offer, SonoSite shareholders will have the opportunity to tender some or all of their shares at a price within the range of $26.10 to $30.00 per share. Based on the number of shares tendered and the prices specified by the tendering shareholders, SonoSite will determine the lowest per-share price within the range that will enable it to buy $100 million in shares, or such lesser number of shares that are properly tendered.

All shares accepted for payment will be paid the same price, regardless of whether a shareholder tendered such shares at a lower price within the range. At the minimum price of $26.10 per share, SonoSite would repurchase a maximum of 3,831,417 shares, which represents approximately 22 percent of SonoSite’s currently outstanding common stock. SonoSite will fund the repurchase from available cash on hand.

The low and high ends of the price range represent approximately a 0 percent and 15 percent premium, respectively, to the most recent share closing price of $26.10 per share. Based on the January 8, 2010, closing price, the share price has increased 10 percent year-to-date.

For more information: www.sonosite.com

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