Westell Technologies Announces Authorization of Share Repurchase
AURORA, Ill.--(BUSINESS WIRE)--
Westell Technologies, Inc. (NASDAQ:WSTL), a leading provider of broadband access products and conferencing services, announced today that its board of directors has approved the repurchase of up to an aggregate of $10 million of its Common Stock.
Under the repurchase plan, any shares repurchased must be purchased on or before March 3, 2010. The plan calls for the repurchases to be made in open market or through privately negotiated transactions. The timing and amount of any share repurchase will depend on share price, corporate and regulatory requirements, economic and market conditions, and other factors. The repurchase authorization may be modified, suspended, or discontinued at any time.
"Today's announcement highlights our confidence in our ability to successfully execute our strategic plans," said Thomas Mader, Westell Chief Executive Officer. "We believe this share repurchase plan is a prudent allocation of capital that will allow us to increase long-term shareholder value while maintaining sufficient flexibility to invest in potential growth opportunities."
Westell Technologies, Inc., headquartered in Aurora, Illinois, is a holding company for Westell, Inc. and ConferencePlus, Inc. Westell, Inc. designs and develops broadband telecommunications access products. ConferencePlus, Inc. is a collaborative Application Service Provider that manages and hosts voice, video, IP applications and back-office services. Additional information can be obtained by visiting Westell's Web site at www.westell.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act 1995:
Certain statements contained herein that are not historical facts or that contain the words "believe", "expect", "intend", "anticipate", "estimate", "may", "will", "should", or derivatives thereof and other words of similar meanings are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks, need for financing, an economic downturn in the U.S. economy and telecom market, the impact of competitive products or technologies, competitive pricing pressures, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the effect of Westell's accounting policies, the need for additional capital, the effect of economic conditions and trade, legal social and economic risks (such as import, licensing and trade restrictions) and other risks more fully described in the Company's Form 10-K for the fiscal year ended March 31, 2007 under the section Risk Factors. The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or otherwise.
Source: Westell Technologies, Inc.
Released March 3, 2008