Alliance Fiber Optic Products, Inc. Announces Stock Repurchase Program
November 30 2011 - 7:25AM
Alliance Fiber Optic Products, Inc. (Nasdaq:AFOP) today announced
that its board of directors has approved a stock repurchase program
under which it will begin purchasing up to six million dollars of
its outstanding shares of Common Stock. The duration of the
repurchase program is open-ended.
Under the program, AFOP could purchase shares of Common Stock
from time to time through open market and privately negotiated
transactions at prices depending on prevailing market conditions
and other factors. The program does not obligate AFOP to repurchase
any particular amount of common stock during any period and the
program may be modified or suspended at any time at the Company's
discretion. The repurchase will be funded by cash on hand.
Peter C. Chang, Chief Executive Officer and President, said, "At
the present time, the combination of current market valuations, our
cash balances and ongoing cash flow generation lead us to believe
that this stock repurchase program is an appropriate use of cash.
This program reaffirms our continued confidence in the company's
near and long-term financial and operating performance, and our
commitment to enhancing shareholder value."
About AFOP Founded in 1995, Alliance Fiber
Optic Products, Inc. designs, manufactures and markets a broad
range of high performance fiber optic components and integrated
modules. AFOP's products are used by leading and emerging
communications equipment manufacturers to deliver optical
networking systems to the long-haul, enterprise, metropolitan and
last mile access segments of the communications network. AFOP
offers a broad product line of passive optical components including
connectivity systems, couplers and splitters, thin film CWDM and
DWDM components and modules, optical attenuators, and micro-optics
devices. AFOP is headquartered in Sunnyvale, California, with
manufacturing and product development capabilities in the United
States, Taiwan and China. AFOP's website is located at
http://www.afop.com.
The Alliance Fiber Optic Products, Inc. logo is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=5578
CONTACT: Helen Chan
Investor Relations Manager
Tel: 408-736-6900 x188
Email: hchan@afop.com
URL: http://www.afop.com
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