Alaska Communications Systems Board of Directors Authorizes Common Stock Repurchase.Business Editors, High-Tech Writers ANCHORAGE, Alaska--(BUSINESS WIRE)--Oct. 11, 2000 Alaska Communications Systems This article is about the current telecommunications company. For the historical "Alaska Communications System", see AT&T Alascom. Alaska Communications Systems, (or ACS) is a telecommunications corporation, headquartered in Anchorage, Alaska. Group, Inc. ("ACS (Asynchronous Communications Server) See network access server. ")(Nasdaq:ALSK) announced today that its Board of Directors has approved the buy back of as much as $10 million of its common stock. The Board of Directors authorized ACS management to use its discretion to make the purchases on the open market or in private transactions as market conditions warranted. The shares acquired will be held in treasury for future corporate use. Chuck Robinson, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ACS said, "The stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. we announced today represents a tremendous vote of confidence by the Board of ACS and expresses our bullish sentiments about ACS' prospects. Our strong cash flow and cash on hand enable us to take advantage of this unique buying opportunity without affecting our ability to continue to invest in our underlying businesses. Together, our continued investment program and stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program deliver enhanced shareholder value to our investors." Michael Holmstrom, Senior Vice President and Chief Financial Officer of ACS added, "I am pleased with the treasury stock buyback our Board approved and believe it represents an excellent investment for the Company's cash resources at recent market valuations. With our strong cash flow and significant cash on hand, we also expect to pay down a portion of our bank credit facility in the near future." ACS is the leading diversified, facilities based telecommunications carrier in Alaska, offering local telephone service, wireless, long distance, data, and Internet services to business and residential customers throughout Alaska. ACS currently serves approximately 330,000 access lines and 74,000 cellular customers throughout the State. Members of the ACS senior management team have played significant roles in bringing advanced technology to Alaska for more than four decades. ACS is traded on NASDAQ under the symbol "ALSK." Statements contained in this press release that are not historical fact are "forward-looking statements" that involve a number of known and unknown risks or uncertainties. Additional factors, which may affect actual results, are contained in the Company's filings with the SEC. Forward-looking statements in this release are made pursuant to the 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. provisions contained in 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. |
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