CTG Announces Extension of 10b5-1 Plan To Facilitate Share Repurchases
December 22 2008 - 4:05PM
PR Newswire (US)
BUFFALO, N.Y., Dec. 22 /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. The Company has approximately 0.3 million shares available
for repurchase as of December 22, 2008 under its outstanding
repurchase 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." The plan is being administered by
Boenning & Scattergood, Inc. and is effective from January 5,
2009 until the day following the Company's release of its 2008 year
end 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 CONTACT: James R. Boldt, Chairman &
Chief Executive Officer (716) 887-7244 DATASOURCE: CTG CONTACT:
James R. Boldt, Chairman & Chief Executive Officer,
+1-716-887-7244 Web Site: http://www.ctg.com/
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