SED International, www.SEDonline.com – a 30-year veteran multinational and preferred distributor of computer technology, small appliances, cellular products and consumer electronics, reported reservation of an additional $150k by the Board of Directors for stock repurchases under the Company’s current program.
The reservation was made two days ago (Sept. 22) as part of the stock repurchase program, pursuant to which the Company is able to buy back shares of common stock via the open market or individually negotiated transactions.
President and CEO of SECX, Jonathan Elster, confidently asserted that this extension of the repurchase program validates the Company’s steadfast commitment to increasing shareholder value and proving to the wider investment world that SECX “represents a compelling investment opportunity”.
Elster cited robust 2010 financial data and a clear growth strategy for 2011 and beyond as evidence of the Company’s ability to not only continue to develop the business but also to make new strides into exciting opportunities and novel prospects that translate into future corporate/financial growth.
Since inception of the repurchase program in August of last year, the ball has steadily been moved down the field. This extension brings the authorized aggregate for repurchases to $350k, with a total of 51,608 shares (average cost of $2.36/share) already tucked under its belt as of the end of June this year.
Structuring of open market operations leading to repurchase of stock was designed in full compliance with Securities Exchange Act of 1934, Rule 10b-18 and SECX thus bears no obligation to acquire a specific number of shares and may suspend/terminate at any time at the discretion of the Board.
Working capital will fund the repurchase program, with shares acquired under it ending up retired, restored to the status of authorized and unissued shares, or added to treasury shares. Either way, the percentage ownership of all existing shareholders will increase as the program progresses.
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