1/31/2003 - Computer Access Technology Corporation (CATC) (Nasdaq: CATZ), a communication protocols expert company, announced that its Board of Directors authorized a stock repurchase program under which up to 1 million shares of its outstanding common stock may be acquired in the open market.
The shares will be purchased pursuant to a Rule 10b5-1 Plan adopted by CATC that will allow it to repurchase shares at times when it would ordinarily not be in the market because of self-imposed blackout periods. Repurchases under the Plan will be effected by Needham & Company, Inc. No repurchases will be made until after February 4, 2003. Under the program, the purchases will be funded from available working capital. There is no guarantee as to the exact number of shares that will be repurchased by CATC, and CATC may discontinue purchases at any time it determines additional purchases are not warranted. As of December 31, 2002, CATC had approximately 19.4 million shares outstanding.
Dan Wilnai, President and Chief Executive Officer remarked, "The Board's approval of this program reflects our confidence in CATC's future. Repurchasing stock is one means of underscoring our commitment to enhancing stockholder value."
CATC, a communication protocol expert company, provides advanced verification systems and connectivity products for existing and emerging digital communications standards such as USB, IEEE 1394, Bluetooth wireless technology, InfiniBand, Serial ATA, SCSI, Fibre Channel and Ethernet. CATC products are used by semiconductor, device, system and software companies at each phase of their products' lifecycles from development through production and market deployment. CATC verification systems consist of development and production products that accurately monitor communications traffic and diagnose operational problems to ensure standards compliance and interoperability as well as assist system manufacturers to download software onto new computers. CATC connectivity products enable reliable, uninterrupted service for broadband Internet access. CATC was founded in 1992 and is headquartered in Santa Clara, California. CATC can be found on the web at http://www.catc.com/
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