Bottomline Technologies Announces Stock Repurchase Program.Business/Technology Editors PORTSMOUTH, N.H.--(BUSINESS WIRE)--July 30, 2002 Bottomline Technologies(R) (Nasdaq: EPAY), a leading global technology provider of Financial Resource Management (FRM FRM From FRM Form FRM Fixed-Rate Mortgage FRM Financial Risk Manager (GARP) FRM Fondation pour la Recherche Médicale FRM Financial Resource Management FRM Final Rulemaking FRM Fiber-Reinforced Metal FRM Federal Reference Methods ) software, today announced that its Board of Directors has authorized the repurchase of up to $3 million of the company's common stock from time to time on the open market or in privately negotiated transactions. The authorization announced today is a new program that replaces the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program announced on February 25, 2002. Commenting on the stock repurchase program, Dan McGurl, 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. , said, "We continue to operate consistent with our plan and we believe that our stock is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. . Accordingly, we believe the stock repurchase program is an excellent use of the cash generated from operations during the past fiscal year and continues to demonstrate our commitment to enhancing shareholder value." The timing and amount of any shares repurchased will be determined by the company's management based on its evaluation of market conditions and other factors. The repurchase program may be suspended or discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: at anytime. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes. About Bottomline Technologies Bottomline Technologies (Nasdaq: EPAY) is a leading global technology provider of Financial Resource Management (FRM) software and services. Bottomline's comprehensive suite of FRM offerings enables businesses and financial institutions to more effectively manage their critical financial transactions, cash decisions and trading partner relationships, leveraging the Web. FRM applications include Electronic Payments and Cash Management, Electronic Invoice Receipt and Management, Electronic Invoice Presentment and Payment (EIPP EIPP Electronic Invoice Payment and Presentment EIPP Electronic Invoice Presentment and Payment ), Electronic Banking and Information Reporting. Founded in 1989, Bottomline maintains its corporate headquarters in Portsmouth, NH and international headquarters in Reading, England. For more information, visit Bottomline on the Web at www.bottomline.com, or dial (800) 243-2528 or (603) 436-0700. Cautionary Language This press release may contain 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. that involve risks and uncertainties, including statements regarding expected benefits of use of the Company's products and future growth or results. Among the important factors, which could cause actual results to differ materially from those in the forward-looking statements, are competition, market demand, technological change, strategic relationships, recent acquisitions, international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. and general economic conditions. For additional discussion of factors that could impact Bottomline Technologies' financial results, refer to the Company's Form 10K filed September 2001 and Form 10Q filed May 2002. |
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