CyberKey Solutions Board Authorizes Stock Buyback Program Monday October 30, 10:30 am ET
ST. GEORGE, UT--(MARKET WIRE)--Oct 30, 2006 -- CyberKey® Solutions, Inc. (Other OTC:CKYS.PK - News) board of directors has approved a stock buyback program of up to $1 million of its common stock over the next 180 days.
The share repurchase will be funded using the company's existing cash balance and future cash flows. The share repurchases will occur through open market purchases, privately negotiated transactions and/or transactions structured through investment banking institutions as permitted by securities laws and other legal requirements.
The program allows the company to repurchase its shares at its discretion. Market conditions will influence the timing of the buyback and the number of shares repurchased.
CyberKey Solution's CEO Jim Plant commented, "We believe the repurchase of CyberKey stock represents a very effective utilization of our cash and resources, based on current market conditions and the Company's growth strategy. We are committed to enhancing shareholder value, maintaining a strong balance sheet and improving returns."
The Company recently announced that the CyberKey and KeepSafe would be featured at the Asia-Pacific Homeland Security Summit and Exposition 2006. The summit will be held in Hawaii beginning tomorrow October 31 until November 2, 2006.
About CyberKey
CyberKey® Solutions, Inc. is currently fulfilling a $25 Million purchase order to various segments of the U.S. Government. CyberKey® Solutions, Inc., based in St. George, Utah, partners with industry leading manufacturers and distributors to deliver secure USB drive based solutions to vertical markets and content owners, service providers and resellers. CyberKey's solutions solve real world issues in the entertainment, education, government, military, automotive, financial services and medical industries. CyberKey Solutions' technologies allow users to securely transfer large amounts of data, files and applications software from one electronic device to another while employing a patent pending USB-based Digital Rights Management process. CyberKey's solutions create new opportunities for existing industries and applications. For more information, please visit CyberKey's website at http://www.cyberkeysolutions.com
Statements contained in this news release, other than those identifying historical facts, constitute 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact: Contact: CyberKey® Solutions, Inc. Investor Relations 1-866-THE-APPL(E)
-------------------------------------------------------------------------------- Source: CyberKey Solutions, Inc.
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