HOD HASHARON, Israel,
Aug. 4, 2015 /PRNewswire/ -- Allot
Communications Ltd. (NASDAQ, TASE: ALLT), a leading global provider
of intelligent broadband solutions that empowers communication
service providers to optimize and monetize their networks,
enterprises to enhance productivity and consumers to improve their
digital lifestyle, announced today that its Board of Directors has
approved a program for the Company to repurchase up to $15 million of its outstanding ordinary
shares. Under Israeli law, commencement of repurchases is
subject to court approval. As of June 30,
2015 Allot had approximately 33.5 million ordinary shares
outstanding.
Andrei Elefant, President and
Chief Executive Officer of Allot said: "This share repurchase
program demonstrates the confidence we have in the Company and its
long-term growth prospects, and is consistent with management's
goal of increasing shareholder value."
Share purchases will take place in open market transactions or
in privately negotiated transactions and may be made from time to
time depending on market conditions, share price, trading volume
and other factors. Such purchases will be made in accordance with
all applicable securities laws and regulations. For all or a
portion of the authorized repurchase amount, Allot may enter into a
plan that is compliant with Rule 10b5-1 of the United States
Securities Exchange Act of 1934 that is designed to facilitate
these purchases. The repurchase program does not require Allot to
acquire a specific number of shares, and may be suspended from time
to time or discontinued.
The share repurchases will be funded from available working
capital. Allot intends to apply to the competent court in
Israel for authorization to
repurchase an amount of its Ordinary Shares for an aggregate
purchase price of up to $15 million.
Allot expects that the court approval process will take
approximately three months.
About Allot Communications
Allot Communications Ltd. (NASDAQ, TASE: ALLT) empowers service
providers to monetize and optimize their networks, enterprises to
enhance productivity and consumers to enjoy an always-on digital
lifestyle. Allot's advanced DPI-based broadband solutions identify
and leverage network intelligence to analyze, protect, improve and
enrich mobile, fixed and cloud service delivery and user
experience. Allot's unique blend of innovative technology, proven
know-how and collaborative approach to industry standards and
partnerships enables network operators worldwide to elevate their
role in the digital lifestyle ecosystem and to open the door to a
wealth of new business opportunities. For more information, please
visit www.allot.com.
Forward Looking Statement
This release contains forward-looking statements, which express
the current beliefs and expectations of Company management. Such
statements involve a number of known and unknown risks and
uncertainties that could cause our future results, performance or
achievements to differ significantly from the results, performance
or achievements set forth in such forward-looking statements.
Important factors that could cause or contribute to such
differences include risks relating to: our ability to compete
successfully with other companies offering competing technologies;
the loss of one or more significant customers; consolidation of,
and strategic alliances by, our competitors, government regulation;
the timing of completion of key project milestones which impact the
timing of our revenue recognition; lower demand for key value-added
services; our ability to keep pace with advances in technology and
to add new features and value-added services; managing lengthy
sales cycles; operational risks associated with large projects; our
dependence on third party channel partners for a material portion
of our revenues; court approval of the Company's proposed share
buy-back program; and other factors discussed under the heading
"Risk Factors" in the Company's annual report on Form 20-F filed
with the Securities and Exchange Commission. Forward-looking
statements in this release are made pursuant to the safe harbor
provisions contained in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are made only as of
the date hereof, and the company undertakes no obligation to update
or revise the forward-looking statements, whether as a result of
new information, future events or otherwise.
Contacts
Allot Communications
Rami Rozen | AVP Corporate
Development
+972.52.5694441| rrozen@allot.com
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SOURCE Allot Communications Ltd.