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Canterbury Park Holding stock plan authorized17 January 2008SHAKOPEE, Minnesota -- (PRESS RELEASE) -- Canterbury Park Holding Corporation (AMEX:ECP) today announced that its Board of Directors has approved a plan authorizing the repurchase of 250,000 shares of the Company's common stock. Under the plan repurchases may be made at the discretion of management through open market and privately negotiated transactions from time to time in compliance with rule 10b-18 of the Securities and Exchange Act of 1934, subject to market conditions, applicable legal requirements and other factors. The stock repurchase plan does not obligate the Company to acquire any particular amount of common stock and does not require that shares are to be acquired within a particular period of time. In addition, the plan may be suspended at any time at the Company's discretion. The plan announced today supplements the stock repurchase program, authorized in November 2006. Since that time, the Company has repurchased 100,000 shares of it's stock at an approximate cost of $1.2 million. The Company had 4,099,476 shares of common stock outstanding as of November 2, 2007. Canterbury Park's President, Randy Sampson, stated that, "The Board remains confident in the future of Canterbury Park and believes repurchasing stock at currently prevailing market prices is an effective use of the Company's cash and represents an opportunity to enhance long-term shareholder value." |