MapInfo Corporation Announces Common Stock Repurchase Program.Business Editors TROY, N.Y.--(BUSINESS WIRE)--July 31, 2002 MapInfo Corporation (Nasdaq: MAPS) today announced that its Board of Directors has authorized the repurchase from time to time of up to $10 million of the Company's Common Stock on the open market or in privately negotiated transactions. The repurchase program will remain in effect until September Until September is a 1984 romantic drama set in France. It stars Karen Allen as an American tourist in Paris who falls in love with a married Frenchman (Thierry Lhermitte). External links 30, 2004, unless discontinued earlier by the Board of Directors. Any repurchased shares will be available for use in connection with its stock plans and for other corporate purposes. The repurchase program will be funded using the Company's working capital. As of June 30, 2002, the Company had cash and short term investments of approximately $35 million. Mark Cattini, president 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 MapInfo stated, "The Board of Directors adopted this 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. program because it believes that the Company's stock represents an attractive value." MapInfo Corporation has approximately 15.2 million shares of Common Stock outstanding as of July 31, 2002. About MapInfo MapInfo Corporation is a global software company that integrates software, data and services to help customers realize greater value from location-based information and drive more insightful decisions. MapInfo solutions are available in 20 languages through a network of strategic partners and distribution channels in 60 countries. Headquartered in Troy, NY, MapInfo Corporation is on the World Wide Web at www.mapinfo.com. Of Note Statements in this press release regarding the Company's intention to repurchase shares of its common stock from time to time under the stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program, the intended use of any repurchased shares and the source of funding are 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. . There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of the Company's stock prevailing from time to time, the Company's cash flows from operations, general economic conditions, and other factors detailed in the Company'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. for fiscal 2001 and Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2002. |
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