OTE Announces Implementation of Share Buy Back Program.Business Editors ATHENS, Greece--(BUSINESS WIRE)--xx Hellenic Telecommunications Organization SA (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. : HTO, NYSE NYSE See: New York Stock Exchange : OTE), the Greek full-service telecommunications provider, today announced that it will proceed with its share buy back based on the one year authorization granted by the shareholders on October 17, 2002 and following the program activation by the Board of Directors. OTE is authorized to purchase up to the remainder of the 10% of its share capital, or approximately 7.4% of all shares outstanding, for a price per share comprised between EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1 and EUR30. Mr Lefteris Antonacopoulos, 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. , noted "The OTE share price has reached unreasonably low levels substantially under performing the European telecommunications indexes despite our strong fundamentals and our expected dividend yield Expected dividend yield Total amount of dividends received during the life of a futures contract or total dividends received for holding a particular stock one year. See: Current yield. now exceeding 7%, significantly above our cost of borrowing. Under the circumstances we have decided to take advantage of the share buy back authorization granted by our shareholders." About OTE OTE is a provider of public, fixed switch domestic and international telephony services in Greece. With local, long distance and international communications services in addition to mobile telephony, internet services, and high-speed data communications, OTE provides consumers and businesses the ability to communicate globally through its extensive network infrastructure. In addition, OTE has a number of International investments in the South East European region and addresses a potential customer base of 60 million people. Listed on the Athens Stock Exchange Athens Stock Exchange Greece's only major securities market. Greek language only. Athens Stock Exchange (ASE) Greece's principal stock exchange. , the company trades under the ticker HTO as well as on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the ticker OTE. In the U.S., OTE's American Depository Receipts (ADR's) represents 1/2 ordinary share. Additional Information is also available on http://www.ote.gr. Forward-looking statement Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. 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. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect the Company's future financial results are discussed more fully in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 20-F for 2001 filed with the SEC on July 15, 2002. |
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