Pomeroy IT Solutions, Inc. (NASDAQ:PMRY) a technology and services
solution provider, today announced that its Board of Directors has
authorized a $5 million increase in its stock repurchase program. On
November 14, 2008, the Company announced that its Board of Directors
approved a program to repurchase up to $5 million of its outstanding
common stock. As a result of this increase in authorization, the Company
may now purchase up to $10 million of its outstanding common stock under
the program.
"The repurchase of more of the Company’s outstanding common stock, at
the current market price, is a prudent use of our working capital,”
commented Keith R. Coogan, President and Chief Executive Officer of the
Company. "The Board of Directors assessed the positive response that the
program has received from the market since it was commenced and
determined that this increase would allow the Company to confer further
value to our shareholders.”
Any stock repurchases will be made through open market purchases, block
purchases, or privately negotiated transactions as deemed appropriate by
the Company within a period of one year from the date of the first
purchase under the program. The Company has no obligation to repurchase
shares under the program, and the timing, manner and actual number of
shares repurchased will depend on a variety of factors including price,
corporate and regulatory requirements and other market conditions. The
Company intends to utilize available working capital to fund the stock
repurchase program. The acquired shares will be held in treasury or
cancelled.
Thomas Weisel Partners is the Company’s broker/dealer designated to
repurchase shares on its behalf in connection with the stock repurchase
program.
About Pomeroy IT Solutions, Inc.
Pomeroy IT Solutions, Inc. is a leading provider of IT infrastructure
solutions focused on enterprise, network and end-user technologies.
Leveraging its core competencies in IT Outsourcing and Professional
Services, Pomeroy delivers consulting, deployment, operational, staffing
and product sourcing solutions through the disciplines of Six-Sigma,
program and project management, and industry best practices. Pomeroy's
consultative approach and adaptive methodology enables Fortune 2000
corporations, government entities, and mid-market clients to realize
their business goals and objectives by leveraging information technology
to simplify complexities, increase productivity, reduce costs, and
improve profitability. For more information, go to www.pomeroy.com.
Forward-Looking Statements
Certain of the statements in the preceding paragraphs regarding
financial results constitute forward-looking statements. These
statements are related to future events or to our future financial
performance and involve known and unknown risks, uncertainties and other
factors that may cause our markets’ actual results, levels of activity,
performance or achievements to be materially different from any future
results, levels of activity, performance or achievements expressed or
implied by such forward looking statements. These risks and other
factors you should specifically consider include but are not limited to:
successful completion of share repurchase authorizations; changes in
customer demands or industry standards; existing market and competitive
conditions, including the overall demand for IT products and services;
the nature and volume of products and services anticipated to be
delivered; the mix of the products and services businesses; the type of
services delivered; the ability to successfully attract and retain
customers and to sell additional products and service to existing
customers; the ability to timely bill and collect receivables; the
ability to maintain a broad customer base to avoid dependence on any
single customer; the need to successfully attract and retain outside
consulting services; the ability to identify and successfully integrate
new acquisitions by the Company; terms of vendor agreements and
certification programs and the assumptions regarding the ability to
perform there under; the ability to implement the Company’s best
practices strategies; the ability to manage risks associated with
customer projects; adverse or uncertain economic conditions; loss of key
personnel; litigation; and the ability to attract and retain technical
and other highly skilled personnel. In some cases, you can identify
forward-looking statements by such terminology such as "may”, "should”,
"expects”, "plans”, "anticipates”, "believes”, "estimates”, "predicts”,
"potential”, "continue”, "projects”, "intends”, "prospects”,
"priorities”, or negative of such terms or other comparable terminology.
These statements are only predictions. Actual events or results may
differ materially.