2014 PR on Buybacks:
Network-1 Technologies, Inc. (NYSE: NTIP) announced today that its Board of Directors has authorized an increase to its previously announced share repurchase program pursuant to Rule 10(b)-18 of the Securities and Exchange Act, as amended, permitting the Company to repurchase up to an additional $2,000,000 in shares of its common stock over the next twelve months (for a total of up to $14,000,000 since inception of the program in August 2011). The Company previously announced four increases to its share repurchase program (which was initially established at $2,000,000). To date, the Company has repurchased 6,654,068 shares under its program at an average price of $1.64 per share or an aggregate cost of approximately $10,904,000 (exclusive of commissions).
The common stock may be repurchased from time to time in open market transactions or privately negotiated transactions in the Company's discretion. The timing and amount of shares repurchased will be determined by the Company's management based on its evaluation of market conditions and other factors. The share repurchase program may be increased, suspended or discontinued at any time.
"We are pleased to announce another increase to our repurchase program to benefit shareholders at a time when we believe our stock is undervalued," said Corey M. Horowitz, Chairman and CEO of Network-1. "This, our fourth increase of our share repurchase program, reflects our confidence in the long-term potential for Network-1 and our commitment to increasing shareholder value," he added.
