CSP Inc. Announces Activation of Stock Repurchase Program
CSPi (NASDAQ: CSPI) announced the activation of its previously suspended stock repurchase program, permitting the purchase of up to 194,000 shares of common stock. This decision, made by the Board of Directors, underscores the company's commitment to enhancing shareholder value. Stock repurchases will be conducted at management's discretion over time. CSPi continues to provide innovative technology solutions, including cybersecurity and managed IT services.
- Board of Directors approved the activation of the stock repurchase program.
- Authorization to buy up to 194,000 shares could boost shareholder value.
- None.
LOWELL, Mass., Dec. 29, 2021 (GLOBE NEWSWIRE) -- CSP Inc. (NASDAQ: CSPI), an award-winning provider of security and packet capture products, managed IT and professional services and technology solutions, reported that its Board of Directors has approved the activation of its suspended stock repurchase program. Under the previously approved plan, the company has authorization to buy up to 194,000 shares of its Common Stock. Stock purchases under the program will be made from time-to-time at the discretion of management.
About CSPi
CSPi (NASDAQ: CSPI) operates two divisions, each with unique expertise in designing and implementing technology solutions to help their customers use technology to success. The High Performance Product division, including ARIA Cybersecurity Solutions, originated from supporting initiatives for the Department of Defense and Western intelligence agencies related to network monitoring, data protection, and intelligence initiatives. This focused mindset now results in foolproof data protection, enterprise wide. Our ARIA Software Defined Security solutions set provides enhanced network security, as well as accelerating incident response capabilities, while our Myricom nVoy Series appliances provide automated breach identification and notification, enabled by the 10G dropless packet capture inherent in our Myricom intelligent adapters. CSPi’s Technology Solutions division helps clients achieve their business goals and accelerate time to market through innovative IT solutions and professional services by partnering with best-in-class technology providers. For organizations that want the benefits of an IT department without the cost, we offer a robust catalog of Managed IT Services providing 24×365 proactive support. Our team of engineers have expertise across major industries supporting five key technology areas: Advanced Security; Communication and Collaboration; Data Center; Networking; and Wireless & Mobility.
Safe Harbor
The Company wishes to take advantage of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, the Company’s intent to repurchase stock under its existing stock repurchase programs.
The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors, competitive factors and pricing pressures, and others described in the Company's filings with the Securities and Exchange Commission (“SEC”). Please refer to the section on forward-looking statements included in the Company's filings with the SEC.
Contacts
CSP Inc.
Gary Levine, 978-954-5040
Chief Financial Officer
