Triton Distribution Systems, Inc. Announces Stock Repurchase Program
TIBURON, CA, Jan 21, 2011 (MARKETWIRE via COMTEX) -- Triton (PINKSHEETS: TTDZ) today announced that its board of directors, after consultation with Universal Holdings, has authorized a stock repurchase program of up to $3 million of its outstanding common stock to be accomplished and stretched out for the next six months and will take place in the open market.
"We believe that the recent speculation surrounding the company is without merit and fails to reflect our fundamental operational planning that has been very positive and reassuring for the company and the shareholders. This stock repurchase program demonstrates the board of directors' and our partner's confidence in the company's ability to execute its growth strategy. We continue to execute well in this fast growing market and are making the strategic decisions we believe will allow us to solidify our position as a well run company in this sector," said Gregory E. Lykiardopoulos, Triton's Chairman and Chief Executive Officer.
As of January 15, 2011 the company has secured a respectable capital investment through a convertible debenture that will allow the company to act on the repurchase program. The share repurchase program authorizes Triton to repurchase shares from time to time through the open market, or privately negotiated transactions. The company may adopt a Rule 10b5-1 repurchase plan which would allow the company to purchase its shares at times when it ordinarily would not be in the market because of self-imposed trading blackout periods. The number of shares to be purchased and the timing of the purchases will be based on market conditions, share price and other factors. The stock repurchase program does not require the company to repurchase any specific dollar value or number of shares and may be modified, extended or terminated by the board of directors at any time.
The company will announce next week the production of the editorial interactive audio interview that will provide all shareholders additional information about the company and its activities. The company will announce the interview in a forthcoming press release.
