BUFFALO, N.Y., Jan. 4,
2012 /PRNewswire/ -- CTG (NASDAQ: CTGX), an international
information technology (IT) solutions and services company, today
announced that it has 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 had approximately 860,000 shares available for repurchase
as of December 31, 2011 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 January 5,
2012 until the day following the Company's release of its
2011 fourth quarter and full year 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 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
operates 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 2010 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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SOURCE CTG