RESTON, Va., Feb. 4, 2013 /PRNewswire/ -- Santeon Group Inc. (OTC: SANT, "Santeon" - News) today announced that its Board of Directors (the "Board") has authorized a program to repurchase up to five hundred thousand dollars ($500,000.00) of common stock in the open market over the next twelve (12) months. Under the program authorized by the Board, Santeon may repurchase shares of common stock in the open market or through privately negotiated transactions over the next twelve months and as permitted under Securities Exchange Act of 1934 Rule 10b-18. A condition of the Board's authorization is that all purchases be made using internally generated funds.
Dr. Ashraf Rofail, Chairman and Chief Executive Officer of Santeon Group Inc., commented on the Board authorization, "I am very pleased the Board has taken this strategic step and authorized the share repurchase program. Given the underlying strength of Santeon's business, our recent customer wins and positive financial trends, we believe our current stock price is undervalued. Therefore, the share repurchase program is in the best interests of our stockholders."
The extent to which Santeon repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by Santeon's management team.
About Santeon Group Inc.
Santeon Group Inc. is a technology company headquartered in Northern Virginia with offices in Reston, VA, Tampa, FL, Cairo, Egypt and Pune, India. Santeon offers products and services in Agile training and transformation, healthcare and media. Santeon's goal is to serve emerging markets by providing technically superior products and solutions while reducing the cost of ownership and deployment of these solutions through a strong channel partner and distribution model. For more information please visit our web site at http://www.santeon.com.
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Investor Relations contact:
Santeon Group, Inc.
703-970-9200, ext. 112
SOURCE Santeon Group Inc.