Sunnyvale's Commtouch to Repurchase Another $5M in Stock

Sunnyvale, Calif. -- Commtouch, an Israel-based developer of messaging and web security technologies with U.S. headquarters in Sunnyvale, said on Monday that it plans to buyback an additional $5 million in company stock. The news follows a similar program in 2008 and 2009, in which the company repurchased $4.9 million of its stock. Commtouch reported $17.3 million in cash resources as of Dec. 31, with slightly less than 24 million shares outstanding. "With our strong cash position, the execution of this plan will not inhibit us from continuing to explore potential transactions aimed at accelerating the company's business expansion plans," said Gideon Mantel, the company's chairman and CEO.
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http://www.commtouch.com/press-releases/commtouch-board-directors-approves-additional-stock-repurchase-plan-5-million