ROCKVILLE, Md., Sept. 17 /PRNewswire/ -- OTG Software, Inc. (Nasdaq: OTGS)
today announced that its board of directors has authorized a stock repurchase
program for up to one million shares of stock, using cash on hand and positive
cash flow generated from operations.
"OTG's board has authorized this repurchase program to demonstrate our
confidence in America's financial markets, and the Company's position as an
industry leader in data storage and access during these extraordinary times.
Additionally, depending on market conditions and other factors, the repurchase
of company shares provides an excellent opportunity to increase shareholder
value," said Richard Kay, president and chief executive officer of OTG.
Any purchases under OTG's stock repurchase program may be made, from time-
to-time, in the open market or in privately negotiated transactions. The
timing and amount of any shares repurchase will be determined by OTG's
management based on its evaluation of market conditions and other factors.
The repurchase program may be suspended at any time or from time-to-time
without prior notice. As of June 30, 2001, OTG had approximately 31.5 million
outstanding shares. Any repurchased shares may be available for use in
connection with its stock plans and for other corporate purposes.
OTG Software provides next-generation data management and collaboration
solutions that virtualize storage for any type of data, including files,
messages and databases, while providing easy and transparent access. OTG's
application-oriented approach supports all platforms with open architecture
solutions that scale from the department to the enterprise, and integrate
seamlessly to store, track and retrieve information. Headquartered in
Rockville, Maryland, the company has a customer base of over 15,000
organizations and a global network of VARs, distributors, and OEMs.
Infinite Storage. Immediate Access.(TM) http://www.otg.com
OTG Safe Harbor
Statements in this press release regarding the company's intention to
repurchase shares of its common stock from time to time under the stock
repurchase program, the intended use of any repurchased shares and the source
of funding are forward-looking statements. There are a number of important
factors that could cause actual events to differ materially from those
suggested or indicated by such forward-looking statements. These include,
among others, the market price of the company's stock prevailing from time to
time, the nature of other investment opportunities presented to the company
from time to time, the company's cash flows from operations, general economic
conditions, and other factors identified in the company's Annual Report on
Form 10-K and most recent Quarterly Reports on Form 10-Q filed with the SEC.
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SOURCE OTG Software, Inc.