BUFFALO, N.Y., April 2, 2013 /PRNewswire/ -- CTG (NASDAQ: CTGX),
an information technology (IT) solutions and services company,
today announced that it has extended a stock repurchase plan under
Rule 10b5-1 of the Securities and Exchange Commission (the "Company
10b5-1 Plan") to facilitate the repurchase of its common stock. The
Company had approximately 535,000 shares available for repurchase
as of March 29, 2013 under its
outstanding repurchase authorizations.
"We are again extending our 10b5-1 plan as it gives us the
ability to repurchase shares during our self-imposed blackout
periods prior to the announcement of quarterly results," said CTG
Chairman and Chief Executive Officer James
R. Boldt.
The plan is effective from April 4,
2013 until the day following the Company's release of its
2013 first quarter financial results. CTG's 10b5-1 plan
allows for the repurchase of shares during the time following the
close of a quarter and the announcement of quarterly financial
results when the Company's stock repurchase policy does not allow
for the direct purchase of shares by the Company. Repurchases
are subject to SEC regulations as well as certain price, market,
volume, and timing constraints specified in the plan. The plan does
not require that any shares be purchased.
About CTG
CTG develops innovative IT solutions to address the business
needs and challenges of companies in several higher-growth
industries including healthcare, financial services, energy, and
technology services. As a leading provider of IT and business
consulting solutions to the healthcare market, CTG offers
hospitals, physician groups, and health information exchanges a
full range of electronic medical record services.
Additionally, CTG has developed for the healthcare provider
and payer markets unique, proprietary software solutions that
support better and lower cost healthcare. CTG also provides
managed services IT staffing for major technology companies and
large corporations. Backed by over 45 years' experience,
proprietary methodologies, and an ISO 9001-certified management
system, CTG has a proven track record of delivering high-value,
industry-specific solutions. CTG operates in North America and Western Europe. CTG
posts news and other important information on the Web at
www.ctg.com.
Safe Harbor Statement
This document contains certain
forward-looking statements concerning the Company's current
expectations as to future growth. These statements are based upon a
review of industry reports, current business conditions in the
areas where the Company does business, the availability of
qualified professional staff, the demand for the Company's
services, and other factors that involve risk and uncertainty. As
such, actual results may differ materially in response to a change
in such factors. Such forward-looking statements should be read in
conjunction with the Company's disclosures set forth in the
Company's 2012 Form 10-K, which is incorporated by reference. The
Company assumes no obligation to update the forward-looking
information contained in this release.
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SOURCE CTG