GSI Technology, Inc. Announces Stock Repurchase Program
August 21 2013 - 2:32PM
Marketwired
GSI Technology, Inc. (NASDAQ: GSIT) today
announced that its Board of Directors has adopted a new program to
repurchase, at management's discretion, shares of GSI Technology's
common stock having an aggregate purchase price of up to $10
million. Combined with previously existing authority under a
repurchase program adopted in January 2012, the Company now has the
authority to repurchase shares having an aggregate purchase price
of up to $15.9 million. Under the expanded repurchase program, the
Company may repurchase shares from time to time on the open market
or in private transactions. The Company will fund the repurchases
through the use of its own cash resources. The specific timing and
amount of the repurchases will be dependent on market conditions,
securities law limitations and other factors. The repurchase
program may be suspended or terminated at any time without prior
notice. In connection with the repurchase program, the Company may
adopt one or more plans pursuant to the provisions of Rule 10b5-1
under the Securities Exchange Act of 1934. Needham & Company
will act as an agent for GSI Technology in the repurchase program.
As of July 31, 2013, GSI Technology had 27,540,010 shares of common
stock outstanding.
"The expanded share repurchase program underscores the Board's
confidence in GSI Technology's long-term financial outlook as well
as our commitment to optimize the Company's capital structure to
enhance shareholder value while at the same time maintaining a
strong balance sheet that will allow us to meet the challenges of
the current economic environment, invest in the growth of our
business and take advantage of strategic opportunities that may
arise," said Lee-Lean Shu, president and chief executive
office.
About GSI Technology
Founded in 1995, GSI Technology, Inc. is a leading provider of
high-performance static random access memory, or SRAM, products
primarily incorporated in networking and telecommunications
equipment. Headquartered in Sunnyvale, California, GSI Technology
is ISO 9001 certified and has worldwide factory and sales
locations. For more information, please visit
www.gsitechnology.com.
Forward-Looking Statements
The statements contained in this press release that are not
purely historical are forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding GSI Technology's expectations,
beliefs, intentions, or strategies regarding the future. All
forward-looking statements included in this press release are based
upon information available to GSI Technology as of the date hereof,
and GSI Technology assumes no obligation to update any such
forward-looking statements. Forward-looking statements involve a
variety of risks and uncertainties, which could cause actual
results to differ materially from those projected. These risks
include changes in market conditions, fluctuations in the price of
the Company's common stock and changes in the Company's cash
requirements which may affect the timing and amount of repurchases
under the repurchase program. These changes may result from factors
affecting the economy, the semiconductor market generally or the
Company's business or future financial results. Further information
regarding risks relating to GSI Technology's business is contained
in the Company's filings with the Securities and Exchange
Commission, including factors discussed under the caption "Risk
Factors" in such filings.
Contact: Douglas M. Schirle Chief Financial Officer (408)
331-9802
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