CTG Announces Extension of 10b5-1 Plan to Facilitate Share Repurchases
April 03 2009 - 1:35PM
PR Newswire (US)
BUFFALO, N.Y., April 3 /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 1.1 million shares available
for repurchase as of March 31, 2009 under its outstanding
repurchase authorizations. "We are again extending our 10b5-1 plan
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 effective from April 9, 2009 until the day
following the Company's release of its 2009 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. 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 2008 Form 10-K, which is
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, CTG, +1-716-887-7244 Web Site:
http://www.ctg.com/
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