CTG Announces Extension of 10b5-1 Plan to Facilitate Share Repurchases
October 01 2009 - 10:30AM
PR Newswire (US)
BUFFALO, N.Y., Oct. 1 /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 650,000 shares available for
repurchase as of September 30, 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 at recent prices." The plan is effective from October 8,
2009 until the day following the Company's release of its 2009
third quarter financial results. CTG's 10b5-1 plan allows 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: Investors and Media: James R.
Boldt, Chairman & Chief Executive Officer, +1-716-887-7244,
Investors: Brendan Harrington, Chief Financial Officer,
+1-716-888-3634, both of CTG Web Site: http://www.ctg.com/
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