Excel Communications Announces Additional Stock Repurchase.DALLAS--(BUSINESS WIRE)--June 6, 1997--EXCEL Communications, Inc. (NYSE NYSE See: New York Stock Exchange : ECI ECI Employment Cost Index ECI Election Commission(er) of India ECI Enterprise Content Integration ECI Early Childhood Intervention ECI Environmental Change Institute ) today announced that its Board of Directors has increased the number of shares authorized Shares authorized The maximum number of shares of stock of a company allowed in the articles of incorporation, which may be changed only by a shareholder vote. See: Issued and outstanding. shares authorized See authorized capital stock. to be repurchased under the stock repurchase plan stock repurchase plan 1. See buyback. 2. See self-tender. announced on May 1, 1997. EXCEL has repurchased approximately 1.4 million of its outstanding shares of common stock to date under the plan. The Board today authorized the number of shares the Company can repurchase to be increased from 2 million to 10 million. The stock repurchase plan authorizes the Company to make repurchases from time to time in the open market or through privately negotiated transactions. Dallas-based EXCEL Communications, Inc. is the fifth largest long distance company in the United States in terms of presubscribed lines according to the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. . The Company offers its subscribers a variety of communications products and services under the EXCEL branded name, which include residential service, commercial service, paging service and calling cards. EXCEL services are marketed exclusively through a nationwide network of Independent Representatives. EXCEL has more than 2,200 associates across departments which support the corporate, network management, billing, teleservices and marketing functions of the Company. CONTACT: Kenneth Kracmer EXCEL Public Relations (214) 863-8618 |
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