OPTi Announces Stock Repurchase Program
MILPITAS, Calif.--(BUSINESS WIRE)--June 2, 1998--OPTi Inc. (NASDAQ/NMS:OPTI) announces today that it intends to repurchase through the open market an amount up to 25 percent of its outstanding shares.
The purpose of the stock repurchase program is to maximize shareholder value and return a portion of accumulated cash to shareholders of the Company. The Company anticipates that it will attempt to repurchase up to 3,400,000 shares of its outstanding stock in the open market from time to time depending on market conditions, share price, and other factors. The Company has 13,602,428 shares outstanding as of May 31, 1998.
Bernard Marren, CEO/president of OPTi Inc. stated, "In connection with our ongoing attempt to maximize shareholder value the Company believes that the repurchase of shares at this time is an initial step towards that commitment."
OPTi Inc., a leading independent volume supplier of chipsets to the personal computer market, is headquartered in Milpitas, Calif. The Company's customers include some of the major PC and motherboard manufacturers. OPTi stock is traded on the National Market System under NASDAQ symbol OPTI |
