As of yesterday, they'd bought back 132,000 shares. When all is said and done, they'll have taken a million out of the already small float. That ought to make it even more interesting.
Tuesday January 9, 8:03 am Eastern Time
Press Release
SOURCE: Optibase, Ltd.
Optibase Ltd. Begins Buy-Back of Shares
HERZLIYA, Israel, Jan. 9 /PRNewswire/ -- Optibase, Ltd. (Nasdaq: OBAS - news), a leader in digital streaming solutions over broadband networks, announced that as of Monday, January 8, 2000, the Company has repurchased a total of 132,000 shares of common stock pursuant to its stock repurchase program initiated on December 28, 2000.
Under the share repurchase program, the Company is authorized to purchase up to 1 million shares of its outstanding common stock -- purchases that the Company intends to make from time to time through open-market transactions.
Commenting on the stock buy-back, Optibase President and CEO Ran Eisenberg said, ``Optibase's purchase of its stock demonstrates not only our commitment to maximize shareholder value, but also our strong belief that, given the current stock price, the shares represent an attractive and sound investment opportunity for our Company. With our strong cash position, the success that we have seen to date on our new MediaGateway product line, as well as our confidence that the MGW family of products is the future for the streaming video over the Internet industry, the repurchase program is a great way for us to invest in the continuing growth and success of Optibase.''
About Optibase
Optibase, Ltd. provides high-quality, cost effective products that enable the preparation and delivery of MPEG-based digital media over broadband networks. Optibase has created a breadth of product offerings used in applications, such as: Video-on-demand, real-time video streaming, digital video archiving, distance learning and business television. Headquartered in Israel, Optibase operates through its fully owned subsidiary in San Jose, California and offices in the U.K., France, Japan and China. Optibase products are marketed in over 40 countries through a combination of direct sales, independent distributors, system integrators and OEM partners. For more information, visit www.optibase.com.
This news release contains forward-looking statements concerning our marketing and operations plans. These statements involve a number of risks and uncertainties including, but not limited to, risks related to the evolving market for digital video, competition, our ability to manage growth and expansion, general economic conditions and other risk factors. For a more detailed discussion of these and other risks that may cause actual results to differ from the forward looking statements in this news release, please refer to Optibase's Registration Statement on Form F-1 filed with the United States Securities and Exchange Commission.
This release and prior releases are available on the Company's Web site at www.optibase.com.
This release and prior releases are also available on the KCSA Public Relations Worldwide Web site at www.kcsa.com.
SOURCE: Optibase, Ltd. |
