SUNNYVALE, Calif., May 6, 2016 /PRNewswire/ -- ShoreTel® (NASDAQ: SHOR), the leading provider of brilliantly simple unified communications (UC) solutions and phone systems, today announced that its board of directors has authorized a share repurchase program for up to $20 million of the company's common stock.
"As we've executed our strategic transformation to become a cloud-based company, we've increased our cash balances and expanded our financial flexibility. This allows us to invest in our organic growth catalysts and technology innovation," said Don Joos, president and CEO of ShoreTel. "At the same time, we continue to evaluate ways to allocate capital efficiently and recognize a unique opportunity under this share repurchase program."
ShoreTel will repurchase shares at times and prices considered appropriate by the company. The company expects the share purchase will occur over the next 12 months, although the exact timing of repurchases and number of shares of common stock to be purchased will depend upon market conditions and other factors. The company expects to fund the program using a combination of the company's cash on hand and cash generated from operations. The program may be extended, suspended or discontinued at any time without prior notice.
Forward Looking Statements
ShoreTel assumes no obligation to update the forward-looking statements included in this release. This release contains forward-looking statements within the meaning of the "safe harbor" provisions of the federal securities laws, including, without limitation, statements regarding the amount and timing of purchases and future prospects. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The risks and uncertainties include the intense competition in our industry, our ability to continue to grow our cloud-based solutions, our ability to grow or maintain our premises products, the impact of service disruptions or security breaches, our ability to control costs, uncertainties inherent in the product development cycle, our ability to identify and execute on strategic opportunities, uncertainty as to market acceptance of new products and services, the potential for litigation in our industry, the impact of mergers and consolidations in our industry, the uncertain impact of global economic conditions and foreign exchange rates, stock market conditions, which are inherently unpredictable and other risk factors set forth in ShoreTel's Form 10-K for the year ended June 30, 2015.
About ShoreTel, Inc.
ShoreTel, Inc. (NASDAQ: SHOR) is a leading provider of brilliantly simple unified communications (UC) products, cloud services and IP phone systems powering today's always-on workforce. Its flexible communications solutions for contact centers and cloud, onsite and hybrid UC environments eliminate complexity, reduce cost and improve productivity. Recognized for its industry-leading customer experience and support, ShoreTel's innovative contact center solutions, application integration, collaboration tools, mobility, SIP trunking and business phones enable users to communicate and collaborate no matter the time, place or device, with minimal demand on IT resources. ShoreTel is headquartered in Sunnyvale, Calif., and has regional offices and partners worldwide. For more information, visit shoretel.com.
ShoreTel and the ShoreTel logo are trademarks or registered trademarks of ShoreTel, Inc. in the United States and/or other countries.
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