Pomeroy IT Solutions, Inc. (NASDAQ:PMRY) a technology and services
solution provider, today announced that the Board of Directors of the
Company authorized a program to repurchase up to $5 million of its
outstanding common stock.
Keith R. Coogan, President and Chief Executive Officer of the Company,
said, "The implementation of this repurchase
program demonstrates the Board of Directors’
commitment to enhancing stockholder value. It will also offer
stockholders, who are interested in creating a liquidity event, an
opportunity to sell stock back to the Company. The Company is also
considering entering into a Rule 10b5-1 plan before its window for
open-market trading closes on December 8, 2008. The Company’s
strong balance sheet and robust cash position provided the Board with
the ability to launch this investment opportunity for the Company.”
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.
The Company has selected Thomas Weisel Partners as the broker/dealer to
repurchase shares on the Company’s behalf in
connection with this $5 million stock repurchase program.
The stock repurchase program and associated 10b5-1 plan, which were
previously announced in December 2007, and thereafter suspended by the
Company’s Board of Directors on May 30, 2008,
will remain in suspense until such time as the program and plan
terminate in accordance with their respective terms on December 5, 2008,
and no further stock repurchases will made by the Company under such
program or plan.
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.
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.