3Com Corporation (NASDAQ: COMS) today announced that its Board of
Directors has authorized a stock repurchase program of up to $100
million. The plan is effective for one year.
“As a Board, we are fully committed to
increasing shareholder value and we believe this program is a positive
step towards that objective,” said Eric
Benhamou, 3Com Chairman. “We made this
decision after reviewing our current cash needs, as well as our current
and projected financial performance, and determined this would be an
appropriate use of a portion of our net cash balance.”
According to the plan approved by the Board, stock repurchases may be
made through open-market and privately negotiated transactions at times
and in such amounts as management deems appropriate. The final number of
shares that the company may repurchase, along with timing and actual
number of shares repurchased will depend on a variety of factors
including price, corporate and regulatory requirements and other market
conditions.
Any repurchased shares will be retired to 3Com’s
authorized but unissued shares. As of September 22, 2008, the company
had approximately 405,889,159 shares of common stock outstanding. The
stock repurchase program may be limited or terminated at any time
without prior notice.
Safe Harbor
This news release contains forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, including forward-looking statements regarding our stock
repurchase program. These statements are neither promises nor
guarantees, but involve risks and uncertainties that could cause actual
results to differ materially from those set forth in the forward-looking
statements, including, without limitation, risks relating to: our
ability to implement this program; our ability to make appropriate,
timely and beneficial decisions as to when, how and if to purchase
shares under the program; and other risks detailed in the Company’s
filings with the SEC, including those set forth in the Company’s
annual report filed with the SEC on Form 10-K for the year ended May 30,
2008.
3Com Corporation does not intend, and disclaims any obligation, to
update any forward-looking information contained in this release or with
respect to the announcements described herein.
About 3Com Corporation
3Com Corporation (NASDAQ: COMS) is a leading provider of secure,
converged voice and data networking solutions for enterprises of all
sizes. 3Com offers a broad line of innovative products backed by world
class sales, service and support, which excel at delivering business
value for its customers. Through its TippingPoint division, 3Com is a
leading provider of network-based intrusion prevention systems that
deliver in-depth application protection, infrastructure protection, and
performance protection. For further information, please visit www.3com.com,
or the press site www.3com.com/pressbox.
Copyright © 2008 3Com Corporation. 3Com, the
3Com logo and TippingPoint are registered trademarks of 3Com Corporation
or its wholly owned subsidiaries. All other company and product names
may be trademarks of their respective holders.
3Com Corporation
Media & Investor Relations
John
Vincenzo, 508-323-1260
john_vincenzo@3com.com
or
Media
Relations
Kevin Flanagan, 508-323-1101
kevin_flanagan@3com.com
