Press Release Archive
Ptek Holdings, Inc. Announces Increase in 2000 Stock Repurchase Program
Company Has Repurchased Over 4 Million Shares Since Q3 2000
Jan 15, 2003
ATLANTA, GA, January 15, 2003 - Ptek Holdings, Inc. (NASDAQ: PTEK) today announced that its Board of Directors approved an increase in its 2000 stock repurchase program by authorizing the repurchase of up to an additional 10% of the company's outstanding common stock. Such repurchases will be made in the open market or in privately negotiated transactions in accordance with all applicable securities laws and regulations, including Rule 10b-18. Such repurchases may occur from time to time and may be discontinued at any time. There are approximately 54 million shares of PTEK common stock outstanding. In the second quarter of 2000, the company's Board of Directors originally authorized the repurchase of up to 10% of the company's then outstanding shares of common stock, or approximately 4.8 million shares. Since that time, the Company has repurchased approximately 4.1 million shares of its common stock.
About Ptek Holdings, Inc.
Ptek Holdings, Inc. is a leading provider of innovative business, data and group communications services for global enterprises. Companies use our audio and data conferencing solutions to conduct group meetings and presentations over the phone or Web. We also enable our customers to process and deliver large quantities of individualized, business critical information, such as electronic statements and invoices, financial transaction and travel confirmations, and drug prescriptions, via our global ASP platform. Ptek serves companies in nearly every business sector, including healthcare, technology, publishing, financial services, travel and hospitality. Our services are marketed under the Premiere Conferencing and Xpedite® brand names.
Ptek Holdings' corporate headquarters is located at 3399 Peachtree Road NE, Suite 700, Atlanta, GA 30326. Additional information can be found at www.ptek.com.
Forward-looking and cautionary statements
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in Ptek's forward-looking statements, including, but not limited to, the following factors: technological change; the development of alternatives to our services; our ability to manage our growth; integration of acquired companies; possible adverse effects on our financial condition if we are unable to retain IBM as a customer at the levels currently forecasted; possible adverse results of pending or future litigation or infringement claims; service interruptions; competitive pressures, including pricing pressures; general domestic and international economic, business or political conditions; legislative or regulatory changes; increased financial leverage; our dependence on our subsidiaries for cash flow; and other factors described from time to time in our press releases, reports and other filings with the SEC, including but not limited the "Risk Factors Affecting Future Performance" section of our Annual Report on Form 10-K for the year ended December 31, 2003. All forward-looking statements attributable to us or a person acting on our behalf are expressly qualified in their entirety by this cautionary statement.