Share buyback announcement
Inter-Tel, Incorporated Announces Plan to Repurchase its Common Stock
PHOENIX, July 23 /PRNewswire/ -- Inter-Tel, Incorporated
(Nasdaq NNM: INTL) today announced that its board of directors has approved
the purchase of up to 2,000,000 additional shares of its Common Stock by the
Company in the open market from time to time, depending upon market
conditions, share price and other factors. The Company recently completed the
repurchase of 1,470,000 shares of its Common Stock.
Steven Mihaylo, the Company's Chief Executive Officer, stated "This
decision was made in view of the prices at which the Company's Common Stock
has recently traded, which we believe do not reflect the true long-term value
of the Company." As of July 23, 1997, Inter-Tel had approximately 11.7
million shares of Common Stock outstanding.
see full story at: merc.com |
