Two top officials of Rexon Inc. are bullish about the company, which is relocating its corporate headquarters and its Wangtek plant from Simi Valley to Ohio.
At least, Robert C. Genesi, Rexon's chairman and chief executive, and I. R. (Pete) Reuling, chief financial officer, have been buying Rexon's stock on the open market.
During the second week in December, Genesi bought 20,000 of the firm's common shares at or just below $5 a share, the company says. Reuling purchased 5,000 shares at $5.125 each.
The purchases brought Genesi's Rexon holdings to 192,500 shares and Reuling's to 68,720 shares.
"We believe our recent common stock prices have been well below the true value of our company," Genesi said. "Also, some of the problems recently announced by a competitor may have contributed to a general price decline in our general segment of the market."