CTG Announces Extension of 10b5-1 Plan to Facilitate Share Repurchases
July 01 2010 - 10:35AM
Business Wire
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
334,000 shares available for repurchase as of June 30, 2010 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.
The plan is effective from July 8, 2010 until the day following
the Company’s release of its 2010 second 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 the Company’s 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.
About CTG
CTG develops innovative IT solutions to address the business
needs and challenges of companies in several higher-growth
industries including healthcare, energy, and technology services.
As a leading provider of IT and business consulting solutions to
the healthcare market, CTG offers hospitals, physician groups, and
regional health information exchanges a full range of electronic
medical record services. Additionally, CTG has developed for the
healthcare provider and payer markets unique, proprietary software
solutions that support better and lower cost healthcare. CTG also
provides managed services IT staffing for major technology
companies and large corporations. Backed by nearly 45 years’
experience, proprietary methodologies, and an ISO 9001-certified
management system, CTG has a proven track record of delivering
high-value, industry-specific solutions. CTG’s IT professionals are
based in an international network of offices in North America and
Western Europe. CTG posts news and other important information on
the Web at www.ctg.com.
Safe Harbor Statement
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 2009 Form 10-K, which is
incorporated by reference. The Company assumes no obligation to
update the forward-looking information contained in this
release.
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