GTSI.. Buying Another 10% of their Stock (Buyback Program)..
Wednesday February 2, 7:59 am Eastern Time
Company Press Release
SOURCE: Government Technology Services, Inc.
Government Technology Services, Inc. Announces Stock Repurchase Program
CHANTILLY, Va., Feb. 2 /PRNewswire/ -- Government Technology Services, Inc. (Nasdaq: GTSI - news) today announced that its Board of Directors has authorized a common stock repurchase program with costs not to exceed $5,250,000. The Company will purchase its common stock in the open market or in block transactions periodically as it deems appropriate. On February 1, 2000 the closing price of the Company's common stock was $ 5.218 per share and the Company had 9,211,402 shares of Company stock outstanding, excluding treasury stock.
Dendy Young, chairman and chief executive officer of GTSI said, ``We believe that the stock repurchase program will increase shareholder value in the Company.'
GTSI is the largest dedicated Federal government provider of computer products and broad-based information technology solutions. The Company offers access to over 150,000 information technology products from more than 2,100 manufacturers. Headquartered in the Washington, D.C. metropolitan area, GTSI provides products and services to Federal, state and local government customers worldwide. Further information about GTSI is available at gtsi.com.
Except for historical information, all of the statements, expectations and assumptions contained in the foregoing concerning GTSI are ``forward-looking statements' (within the meaning of the Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties. It is possible that the assumptions made by GTSI management -- including, but not limited to, those relating to GTSI's stock repurchase program may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. In addition to the above factors, other important factors that could cause actual results to differ materially are those listed in GTSI's most recent report on Form 10-K and included from time to time in other documents filed by GTSI with the Securities and Exchange Commission.
GTSI is a registered service mark of Government Technology Services, Inc.
All other trademarks are the property of their respective owners.
SOURCE: Government Technology Services, Inc.
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