OTG Software, Inc. today announced that its board of directors has authorized a stock repurchase program for up to one million shares of stock, using cash on hand and positive cash flow generated from operations.
"OTG's board has authorized this repurchase program to demonstrate our confidence in America's financial markets, and the Company's position as an industry leader in data storage and access during these extraordinary times. Additionally, depending on market conditions and other factors, the repurchase of company shares provides an excellent opportunity to increase shareholder value," said Richard Kay, president and chief executive officer of OTG.
OTG said any purchases under its stock repurchase program may be made, from time- to-time, in the open market or in privately negotiated transactions. The timing and amount of any shares repurchase is determined by OTG's management.