CTG Announces Extension of 10b5-1 Plan to Facilitate Share Repurchases
September 25 2008 - 5:30PM
PR Newswire (US)
BUFFALO, N.Y., Sept. 25 /PRNewswire-FirstCall/ -- CTG
(NASDAQ:CTGX), an international information technology (IT)
solutions and services 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 0.7 million shares
available for repurchase as of September 25, 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 for the remainder of 2008." The plan is
being administered by Boenning & Scattergood, Inc. and is
effective from October 2, 2008 until the day following the
Company's release of its 2008 third 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. 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 solutions and services to help our clients 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 offerings, best practices, and
proprietary methodologies supported by an ISO 9001:2000-certified
management system. 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. CTG
serves companies in several industries and is a leading provider of
IT and business consulting solutions to the healthcare market. CTG
posts news and other important information 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/. ctgx-g DATASOURCE: CTG CONTACT: James R.
Boldt, Chairman & Chief Executive Officer of CTG,
+1-716-887-7244 Web Site: http://www.ctg.com/
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