OTG Software Announces Stock Repurchase Program; Authorized Repurchase Program for Up to One Million Shares of Stock

    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.
 
     About OTG
     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.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X36718443
 
 

SOURCE OTG Software, Inc.

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.