BELLEVUE, Wash., June 8 /PRNewswire-FirstCall/ -- Captaris, Inc. , a leading Business Information Delivery solutions provider, announced today that, as part of its previously announced stock repurchase program, its Board of Directors authorized the company to enter into a Rule 10b5-1 plan to facilitate its stock buyback activity. A Rule 10b5-1 repurchase plan will allow the company to purchase its shares at times when it ordinarily would not be in the market because of self-imposed trading blackout periods. Captaris anticipates that transactions under the Rule 10b5-1 repurchase plan would begin, subject to the parameters of the plan, on September 18, 2006, the first trading day after the open trading window closes in the third quarter.
For the period January 1, 2004 through March 31, 2006, Captaris repurchased approximately 4.15 million shares with all the purchases occurring during open trading windows. As reported on April 19, 2006, the Board of Directors approved an increase to the Company's existing stock repurchase program by an additional $5.8 million, making the total amount available $15.0 million. As of June 7, 2006, approximately $13.9 million was available under the repurchase program.
In addition to repurchases made pursuant to a Rule 10b5-1 repurchase plan, Captaris may also continue to make discretionary repurchases under its stock repurchase program in the open market and in privately negotiated transactions from time to time, subject to open trading windows, overall market conditions, stock prices and its cash position and requirements going forward.
About Captaris, Inc.
Captaris, Inc. is a leading provider of software products that automate business processes, manage documents electronically and provide efficient information delivery. Our product suite of Captaris RightFax, Captaris Workflow and Captaris Alchemy Document Management is distributed through a global network of leading technology partners. We have customers in financial services, healthcare, government and many other industries, and our products are installed in all of the Fortune 100 and many Global 2000 companies. Headquartered in Bellevue, Washington, Captaris was founded in 1982 and is publicly traded on the NASDAQ National Market under the symbol CAPA. For more information please visit http://www.captaris.com/.
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding our belief that we have positioned ourselves for improving operating leverage in future quarters and our plan to repurchase shares under our stock repurchase plan. Forward-looking statements include all passages containing verbs such as "aims," "anticipates," "estimates," "expects," "intends," "plans," "predicts," "projects" or "targets" or nouns corresponding to such verbs. Forward-looking statements also include any other passages that are primarily relevant to expected future events or that can only be evaluated by events that will occur in the future. Forward-looking statements are based on the opinions and estimates of the management at the time the statements are made and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Factors that could affect Captaris' actual results include, among others, the impact, if any, of stock-based compensation charges, the potential failure to maintain and expand Captaris' network of dealers and resellers or to establish and maintain strategic relationships, inability to integrate recent and future acquisitions, inability to develop new products or product enhancements on a timely basis, inability to protect our proprietary rights or to operate without infringing the patents and proprietary rights of others, and quarterly and seasonal fluctuations in operating results. More information about factors that potentially could affect Captaris' financial results is included in Captaris' most recent quarterly report on Form 10-Q and annual report on Form 10-K filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance upon these forward-looking statements that speak only as to the date of this release. Except as required by law, Captaris undertakes no obligation to update any forward-looking or other statements in this press release, whether as a result of new information, future events or otherwise.
NOTE: The following are registered trademarks and trademarks of Captaris: Captaris, Alchemy, RightFax, Captaris Document Management, Captaris Interchange and Captaris Workflow. All other brand names and trademarks are the property of their respective owners.
