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Technology Stocks : New Era of Networks (NEON)

NEON 2.120

-0.2%

Nov 18 3:59 PM EST

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To: Jerome Wittamer who wrote (859)	8/25/1999 4:26:00 PM
From: joshi	Read Replies (2) of 1222

ENGLEWOOD, Colo., Aug. 25 /PRNewswire/ -- New Era of Networks(TM), Inc. (Nasdaq: NEON) announced today its board of directors has authorized the repurchase of up to 10 percent of NEON's outstanding shares of common stock over the next 12 months. As of June 30, 1999, NEON had approximately 32.7 million shares outstanding. "The board's decision reflects our confidence in the improvements we are making to our business," said NEON Chief Executive Officer George F. (Rick) Adam. "Share repurchase is an effective strategy for leveraging our strong cash position and helping to offset dilution from incentive stock programs. We believe this decision will be of long-term value to NEON shareholders." NEON plans to purchase shares from time to time on the open market, depending on market conditions. Repurchases will be funded from NEON cash and marketable securities, which totaled approximately $130 million as of June 30, 1999.

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