ECIs subsidiary to buy back shares
ECI Telecom's Subsidiary Announces Program to Purchase up to 3,000,000 of Its Outstanding Shares
Business Wire - August 06, 1999 10:03
PETAH TIKVA, Israel--(BUSINESS WIRE)--Aug. 6, 1999--ECI Telecom Ltd. (NASDAQ-NM:ECIL) today announced that its Board of Directors has been advised that the company's wholly owned subsidiary, ECI Telecom (1990) Export Ltd., has adopted a share purchase program under which the Subsidiary will purchase up to a total of 3,000,000 Ordinary Shares of ECI Telecom Ltd. from time to time, in open market purchases or negotiated block trades.
Purchases will be dependent upon market conditions and may be discontinued at any time. Purchased shares will be held by the subsidiary for investment purposes.
David Rubner, ECI's president and chief executive officer, stated: "The Board of Directors views with favor the
Subsidiary's decision, which expresses confidence in the underlying value of ECI's shares. The Subsidiary indicated that it would continue to monitor the market price of the Ordinary Shares to determine whether to continue or expand the program in
future."
A provider of integrated network solutions, ECI TELECOM designs, develops, manufacturers and markets digital
telecommunications and data transmission systems, enabling network operators to deliver cost-effective services. ECI TELECOM's systems provide capacity expansion, flexibility and management functions to better utilize existing and new telecommunications, data and integrated networks.
This press release and additional information about the company, is now available on ECI TELECOM's site on the
World Wide Web:
ecitele.com.
|
