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Evolving Systems Announces Extension of Share Repurchase Program(December 16, 2011)
ENGLEWOOD, CO -- (Marketwire) -- 12/16/11 -- Evolving Systems, Inc. (NASDAQ: EVOL), a leading provider of software solutions and services to the wireless, wireline and cable markets, today announced that its Board of Directors has authorized the share repurchase program, which was put into effect on May 20, 2011, and was set to expire on December 31, 2011, will be extended through December 31, 2012. The Company is not making any change to the amount of the Repurchase Plan, which is capped at $5.0 million in aggregate of the Company's common stock. As of December 13, 2011, the Company has repurchased 176,239 shares of common stock for a value of $1,233,934 under this program.
Continuing through December 31, 2012, the Company intends to make purchases from time to time at prevailing market prices either in the open market or through privately negotiated transactions. The size and timing of such purchases, if any, will be based on market and business conditions as well as other factors. The Company is not obligated to purchase any shares. Purchases under the program can be discontinued at any time the Company determines additional purchases are not warranted. As of December 13, 2011, Evolving Systems had 11,127,680 shares outstanding.
About Evolving Systems®
Evolving Systems, Inc. (NASDAQ: EVOL) is a provider of software and services to more than 50 network operators in over 40 countries worldwide. The Company's product portfolio includes market-leading activation products that address subscriber service activation, SIM card activation, mobile broadband activation as well as activation of connected devices. Founded in 1985, the Company has headquarters in Englewood, Colorado, with offices in the United Kingdom, India and Malaysia. Further information is available on the web at www.evolving.com.
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, based on current expectations, estimates and projections that are subject to risk. Specifically, statements about the Company's plans to repurchase shares and the value of such shares are forward-looking statements. The Company is not obligated to repurchase shares, and any purchases are subject to availability, market conditions, regulatory constraints, general economic conditions, cash flows and other factors. These statements are based on our expectations and are naturally subject to uncertainty and changes in circumstances. Readers should not place undue reliance on these forward-looking statements, and the Company may not undertake to update these statements. Actual results could vary materially from these expectations. For a more extensive discussion of Evolving Systems' business, and important factors that could cause actual results to differ materially from those contained in the forward-looking statements, please refer to the Company's Form 10-K filed with the SEC on March 8, 2011, as well as subsequently filed Forms 10-Q, 8-K and press releases.
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