Avocent Adds Two Million Shares to Share Repurchase Program.HUNTSVILLE, Ala. -- Avocent 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 : AVCT AVCT Advanced Vehicles Concept Team ) announced today that its Board of Directors approved the addition of two million additional shares to the Company's stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program. Ten million shares were previously approved for repurchase under this program. Avocent has returned $270 million to shareholders through the 9.8 million shares repurchased to date under the program. The stock purchases may be made from time to time in the open market or in privately negotiated transactions at prices that the Company deems appropriate. "The stock repurchase authorization highlights our optimism about Avocent's continued growth," stated John R. Cooper, chairman and chief executive officer of Avocent Corporation. "We believe the stock repurchase program is a solid investment for our shareholders. Any shares repurchased will also reduce the impact on outstanding shares from restricted stock and performance share awards and employee stock option exercises." About Avocent Corporation Avocent delivers IT operations and infrastructure management solutions for enterprises worldwide, helping customers to reduce costs and simplify complex IT environments via integrated, centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. in-band and out-of-band hardware and software. Through LANDesk, Avocent also is a leading provider of systems, security, and process management solutions. Additional information is available at: www.avocent.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains statements that are forward-looking statements as defined within 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. These include statements regarding the Company's planned repurchase of Avocent shares, the Company's stock price in the future, Avocent's future growth, and expected equity-based compensation awards to employees. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with general economic conditions, risks attributable to future product demand, sales, and expenses, risks associated with product design efforts and the introduction of new products and technologies, and risks associated with obtaining and protecting intellectual property rights. Other factors that could cause operating and financial results to differ are described in Avocent's annual report 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. filed with the Securities and Exchange Commission on March 6, 2006 and in Avocent's quarterly reports on Form 10-Q Form 10-Q See 10-Q. filed with the SEC on May 10, 2006, August 4, 2006 and November 7, 2006. Other risks may be detailed from time to time in reports to be filed with the SEC. Avocent does not undertake any obligation to publicly update its forward-looking statements based on events or circumstances after the date hereof. |
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