3Com Board of Directors Authorizes $100 Million Stock Repurchase Program.MARLBOROUGH, Mass. -- 3Com Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : COMS COMS 3Com Corporation (stock symbol) COMS Certified Orientation and Mobility Specialist COMS Continuous Opacity Monitoring Systems COMS City of Manchester Stadium (UK) ) today announced that its Board of Directors has authorized a stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program of up to $100 million. The plan is effective for one year. "As a Board, we are fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully 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 according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. This news release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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 [c] 2008 3Com Corporation. 3Com, the 3Com logo and TippingPoint are registered trademarks of 3Com Corporation or its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . All other company and product names may be trademarks of their respective holders. |
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