Alvarion Ltd., an Israeli provider of fixed wireless solutions, announced today that its board of directors has authorized the expansion of its share buyback program. Expressing confidence in the company's financial strength and significant long-term growth potential, the board is considering the investment of an additional $10 million in the previously announced share repurchase program, and has instructed the company to proceed with the legal processes required to approve such an expansion.
Under Israeli law, share repurchase programs require court approval. Alvarion now intends to file all required applications with the District Court in Tel Aviv. Under its first repurchase program, the company has to date repurchased approximately four million shares, at a total cost of about eight million dollars.
As before, purchases of shares pursuant to the new program will be made from time-to-time based on the Board's instructions, in open market or privately negotiated transactions. Such purchases will be subject, among other factors, to the price of Alvarion's shares and market conditions. All share purchases will be made in accordance with all applicable laws and regulations.
Alvarion delivers wireless broadband networking infrastructure to carriers, ISPs and private network operators. With over 1.5 million units deployed in 120 countries worldwide, Alvarion provides secure rich-media networks for business or residential Internet access, corporate VPNs, cellular base station feeding, community interconnection, public safety connectivity and extended Hotspots. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
