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Technology Stocks : iBasis, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (200)	3/16/2006 11:41:55 AM
From: Jim Oravetz	Read Replies (1) \| Respond to of 211

To Renew NASDAQ Listing Bid, iBasis will Seek Shareholder Approval of Reverse Stock Split Tuesday February 21, 7:00 am ET Company Also Increases Stock Buy Back to $15 Million BURLINGTON, Mass.--(BUSINESS WIRE)--Feb. 21, 2006--iBasis, Inc. (OTCBB: IBAS - News), the global VoIP company, today announced that it will seek approval of a reverse stock split at its next annual Shareholder Meeting. The company also said that it is expanding its stock buy-back program. ADVERTISEMENT Within the next month, the Company plans to file a preliminary proxy with a proposal to authorize the iBasis board of directors to implement a reverse split based on a range of possible exchange ratios. On a pre-split basis, iBasis currently has 99.8 million common shares outstanding. The Company expects that a split would, at a minimum, increase the share price of the Company's common stock to comply with the listing requirements of the NASDAQ National Market(1). Initial listing requirements include a minimum bid price of $5.00 per share. The Company also announced a $10 million increase in its previously announced $5 million stock buy-back program. As a result, the Company expects to repurchase up to $15 million of iBasis common stock over the next year, to be funded out of existing cash. Since the initial implementation of the buy-back program on November 7, 2005, the Company has repurchased $2.9 million of iBasis common stock. "After a profitable fourth quarter with positive cash flow, we believe the time is right to apply for relisting on NASDAQ," said Ofer Gneezy, president and CEO of iBasis. "When we considered a reverse split two years ago, our balance sheet was still highly leveraged with convertible notes. "Now that we are free of bond debt, we are confident that we can both establish a broader market for the Company's stock and capitalize on strategic opportunities that may present themselves."