Captaris Announces Rule 10b5-1 Plan for Stock Buyback
June 08 2006 - 6:00PM
PR Newswire (US)
BELLEVUE, Wash., June 8 /PRNewswire-FirstCall/ -- Captaris, Inc.
(NASDAQ:CAPA), a leading Business Information Delivery solutions
provider, announced today that, as part of its previously announced
stock repurchase program, its Board of Directors authorized the
company to enter into a Rule 10b5-1 plan to facilitate its stock
buyback activity. A Rule 10b5-1 repurchase plan will allow the
company to purchase its shares at times when it ordinarily would
not be in the market because of self-imposed trading blackout
periods. Captaris anticipates that transactions under the Rule
10b5-1 repurchase plan would begin, subject to the parameters of
the plan, on September 18, 2006, the first trading day after the
open trading window closes in the third quarter. For the period
January 1, 2004 through March 31, 2006, Captaris repurchased
approximately 4.15 million shares with all the purchases occurring
during open trading windows. As reported on April 19, 2006, the
Board of Directors approved an increase to the Company's existing
stock repurchase program by an additional $5.8 million, making the
total amount available $15.0 million. As of June 7, 2006,
approximately $13.9 million was available under the repurchase
program. In addition to repurchases made pursuant to a Rule 10b5-1
repurchase plan, Captaris may also continue to make discretionary
repurchases under its stock repurchase program in the open market
and in privately negotiated transactions from time to time, subject
to open trading windows, overall market conditions, stock prices
and its cash position and requirements going forward. About
Captaris, Inc. Captaris, Inc. is a leading provider of software
products that automate business processes, manage documents
electronically and provide efficient information delivery. Our
product suite of Captaris RightFax, Captaris Workflow and Captaris
Alchemy Document Management is distributed through a global network
of leading technology partners. We have customers in financial
services, healthcare, government and many other industries, and our
products are installed in all of the Fortune 100 and many Global
2000 companies. Headquartered in Bellevue, Washington, Captaris was
founded in 1982 and is publicly traded on the NASDAQ National
Market under the symbol CAPA. For more information please visit
http://www.captaris.com/. Certain statements in this press release
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including, without
limitation, statements regarding our belief that we have positioned
ourselves for improving operating leverage in future quarters and
our plan to repurchase shares under our stock repurchase plan.
Forward-looking statements include all passages containing verbs
such as "aims," "anticipates," "estimates," "expects," "intends,"
"plans," "predicts," "projects" or "targets" or nouns corresponding
to such verbs. Forward-looking statements also include any other
passages that are primarily relevant to expected future events or
that can only be evaluated by events that will occur in the future.
Forward-looking statements are based on the opinions and estimates
of the management at the time the statements are made and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those anticipated in the
forward-looking statements. Factors that could affect Captaris'
actual results include, among others, the impact, if any, of
stock-based compensation charges, the potential failure to maintain
and expand Captaris' network of dealers and resellers or to
establish and maintain strategic relationships, inability to
integrate recent and future acquisitions, inability to develop new
products or product enhancements on a timely basis, inability to
protect our proprietary rights or to operate without infringing the
patents and proprietary rights of others, and quarterly and
seasonal fluctuations in operating results. More information about
factors that potentially could affect Captaris' financial results
is included in Captaris' most recent quarterly report on Form 10-Q
and annual report on Form 10-K filed with the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance upon these forward-looking statements that speak only as
to the date of this release. Except as required by law, Captaris
undertakes no obligation to update any forward-looking or other
statements in this press release, whether as a result of new
information, future events or otherwise. NOTE: The following are
registered trademarks and trademarks of Captaris: Captaris,
Alchemy, RightFax, Captaris Document Management, Captaris
Interchange and Captaris Workflow. All other brand names and
trademarks are the property of their respective owners. DATASOURCE:
Captaris, Inc. CONTACT: investors, Todd Kehrli or Jim Byers, both
at +1-818-556-3700, of , both of MKR Group, LLC, for Captaris,
Inc.; or Melanie Canto of Director, Treasury and Investor Relations
of Captaris, Inc., +1-425-638-4048, or Web site:
http://www.captaris.com/
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