ADIC Announces Share Repurchase Program; Company Authorized to Repurchase Up to Five Percent of Outstanding Shares.Business Editors REDMOND, Wash.--(BUSINESS WIRE)--Sept. 16, 2001 Advanced Digital Information Corporation (Nasdaq:ADIC) today announced that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to five percent of the Company's outstanding common stock on the open market. This authorization to repurchase shares was enabled by the Emergency Order issued by the SEC on September 14, 2001, which grants temporary relief with respect to certain SEC rules governing issuer stock repurchases Stock repurchase A firm's repurchase of outstanding shares of its common stock. . Without this relief, ADIC would be precluded from repurchasing its shares at this time because of its recent acquisition of Pathlight Technology, Inc., which was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Accordingly, the Company's authorization to repurchase its shares will terminate concurrent with the termination of effectiveness of the SEC's Emergency Order at the end of the fifth business day after the reopening Reopening Treasury offerings of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP number, and interest rate as the original issue. of trading in U.S. markets. If the SEC extends the effective period of this Emergency Order, the Company's share repurchase Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. authorization will be extended for the same period of time. The timing and amount of shares, if any, actually repurchased during the authorized period will be determined in management's discretion and will depend on market conditions. About ADIC Advanced Digital Information Corporation (Nasdaq:ADIC) is a leading storage solutions provider to the open systems marketplace, offering a broad range of Intelligent Storage(TM) products designed to enhance organizations' abilities to store, protect, manage and use their rapidly growing network data. ADIC products include technology-independent automated storage systems, specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. storage management software, and multiple-protocol storage networking (SAN/NAS) connectivity and management tools. ADIC storage products are available through a worldwide sales force and a global network of resellers and OEMs. Further information about ADIC is available at www.adic.com. ADIC is a registered trademarks and Intelligent Storage is a trademark of Advanced Digital Information Corporation. All other product or service marks mentioned in this release should be considered the property of their respective owners. |
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