CTG Announces Extension of 10b5-1 Plan to Facilitate Share Repurchases
April 02 2008 - 10:00AM
PR Newswire (US)
BUFFALO, N.Y., April 2, 2008 /PRNewswire-FirstCall/ -- CTG
(NASDAQ:CTGX), an international information technology (IT)
staffing and solutions company, today announced that it extended a
stock repurchase plan under Rule 10b5-1 of the Securities and
Exchange Commission (the "Company 10b5-1 Plan") to facilitate the
repurchase of its common stock under its outstanding repurchase
authorizations. The Company has approximately 1.1 million shares
available for repurchase as of April 2, 2008 under previous
authorizations. "We are extending our 10b5-1 plan originally
implemented during 2007 as it gives us the ability to repurchase
shares during our self-imposed blackout periods prior to the
announcement of quarterly results," said CTG Chairman and Chief
Executive Officer James R. Boldt. "We also believe CTG's shares
remain attractively valued and intend to continue actively
repurchasing our stock in 2008." The plan is being administered by
Boenning & Scattergood, Inc. and is effective from April 3,
2008 until the day following the Company's release of its 2008
first quarter financial results. CTG adopted the initial 10b5-1
plan on April 5, 2007 to allow for the repurchase of shares during
the time following the close of a quarter and the announcement of
quarterly financial results when its self-imposed stock repurchase
policy does not allow for the direct purchase of shares by the
Company. The Company also intends to utilize the plan for its
self-imposed blackout periods during each of its remaining fiscal
quarters in 2008. Repurchases are subject to SEC regulations as
well as certain price, market, volume and timing constraints
specified in the plan. The plan does not require that any shares be
purchased. Backed by over 40 years' experience, CTG provides IT
staffing and solutions to help Global 2000 clients focus on their
core businesses and use technology as a competitive advantage to
excel in their markets. CTG combines in-depth understanding of our
clients' businesses with a full range of integrated services, best
practices, and proprietary ISO 9001:2000-certified service
methodologies. Our IT professionals based in an international
network of offices in North America and Europe have a proven track
record of delivering solutions that work. More information about
CTG is available on the Web at http://www.ctg.com/. This document
contains certain forward-looking statements concerning the
Company's current expectations as to future growth. These
statements are based upon a review of industry reports, current
business conditions in the areas where the Company does business,
the availability of qualified professional staff, the demand for
the Company's services, and other factors that involve risk and
uncertainty. As such, actual results may differ materially in
response to a change in such factors. Such forward-looking
statements should be read in conjunction with the Company's
disclosures set forth in the Company's 2007 Form 10-K and
Management's Discussion and Analysis section of the Company's 2007
annual report, which are incorporated by reference. The Company
assumes no obligation to update the forward-looking information
contained in this release. Today's news release, along with CTG
news releases for the past year, is available on the Web at
http://www.ctg.com/. CONTACT: James R. Boldt, Chairman & Chief
Executive Officer (716) 887-7244 DATASOURCE: CTG CONTACT: James R.
Boldt, Chairman & Chief Executive Officer of CTG,
+1-716-887-7244 Web site: http://www.ctg.com/ Company News On-Call:
http://www.prnewswire.com/comp/198025.html
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