LOD, Israel, March 22, 2017 /PRNewswire/ --
AudioCodes (Nasdaq: AUDC), a leading provider of
converged voice solutions that enable enterprises and service
providers to transition to all-IP voice networks, today announced
that its Board of Directors has approved a program to repurchase up
to $15 million of its Ordinary
Shares, NIS 0.01 nominal value. The
court approval for AudioCodes' existing repurchase program is
scheduled to expire on April 25,
2017. Accordingly, AudioCodes will file a motion tomorrow
seeking a new court approval in Israel for repurchases of up to an additional
$15 million of its Ordinary Shares
once the existing plan expires or is exhausted. This motion
requests permission to make purchases for a period of six months
following the date of court approval.
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, AudioCodes may enter
into a plan that is compliant with Rule 10b5-1 of the United States
Securities Exchange Act of 1934. The repurchase program does not
require AudioCodes 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. AudioCodes expects that the approval process for the
additional repurchase program will take approximately three
months.
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AudioCodes Ltd. (NASDAQ, TASE: AUDC) designs, develops and sells
advanced Voice-over-IP (VoIP) and converged VoIP and Data
networking products and applications to Service Providers and
Enterprises. AudioCodes is a VoIP technology market leader, focused
on converged VoIP and data communications, and its products are
deployed globally in Broadband, Mobile, Enterprise networks and
Cable. The Company provides a range of innovative, cost-effective
products including Media Gateways, Multi-Service Business Routers,
Session Border Controllers (SBC), Residential Gateways, IP Phones,
Media Servers, Value Added Applications and Professional Services.
AudioCodes' underlying technology, VoIPerfectHD™, relies on
AudioCodes' leadership in DSP, voice coding and voice processing
technologies. AudioCodes' High Definition (HD) VoIP technologies
and products provide enhanced intelligibility and a better end user
communication experience in Voice communications. For more
information on AudioCodes, visit http://www.audiocodes.com.
Statements concerning AudioCodes' business outlook or future
economic performance; product introductions and plans and
objectives related thereto; and statements concerning assumptions
made or expectations as to any future events, conditions,
performance or other matters, are "forward-looking statements'' as
that term is defined under U.S. Federal securities laws.
Forward-looking statements are subject to various risks,
uncertainties and other factors that could cause actual results to
differ materially from those stated in such statements. These
risks, uncertainties and factors include, but are not limited to:
the effect of global economic conditions in general and conditions
in AudioCodes' industry and target markets in particular; shifts in
supply and demand; market acceptance of new products and the demand
for existing products; the impact of competitive products and
pricing on AudioCodes' and its customers' products and markets;
timely product and technology development, upgrades and the ability
to manage changes in market conditions as needed; possible need for
additional financing; the ability to satisfy covenants in the
Company's loan agreements; possible disruptions from acquisitions;
the ability of AudioCodes to successfully integrate the products
and operations of acquired companies into AudioCodes' business; and
other factors detailed in AudioCodes' filings with the U.S.
Securities and Exchange Commission. AudioCodes assumes no
obligation to update the information in this release.
©2017 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD
VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's
Inside Matters, OSN, SmartTAP, User Management Pack, VMAS,
VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom,
AudioCodes One Voice and CloudBond are trademarks or registered
trademarks of AudioCodes Limited. All other products or trademarks
are property of their respective owners. Product specifications are
subject to change without notice.
Company Contacts
Niran Baruch,
Chief Financial Officer
AudioCodes
Tel: +972-3-976-4000
Niran.baruch@audiocodes.com
Shirley Nakar-Orgad,
Director, Investor Relations
AudioCodes
Tel: +972-3-976-4000
shirley@audiocodes.com
IR Agency Contact
Philip Carlson/Elizabeth Barker
KCSA Strategic Communications
Tel: +1-212-896-1233
audc@kcsa.com
SOURCE AudioCodes