CTG Announces Extension of 10b5-1 Plan to Facilitate Share Repurchases
June 26 2008 - 5:10PM
PR Newswire (US)
BUFFALO, N.Y., June 26 /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 0.9 million shares available for repurchase as of
June 26, 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 July 3, 2008 until the day following the Company's
release of its 2008 second 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 high-value,
industry-specific solutions. 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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