Avid Announces Authorization of Additional Funds for Stock Repurchase Program
Tewksbury, Mass, 2008-02-27 Avid Technology, Inc. (NASDAQ: AVID) announced today that its Board of Directors approved a $100 million increase in authorized funds for the stock repurchase program that it announced on April 26, 2007. Prior to this increase, Avid completed stock repurchases under the program totaling approximately $100 million, the original authorized fund amount. Under the program, the company may repurchase shares through transactions on the open market, in block trades or otherwise. The stock repurchase program is funded using the company's working capital.
Use of Forward-Looking Statements
This release includes forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, about Avid's future plans. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements, including important events and factors disclosed previously and from time to time in Avid's filings with the U.S. Securities and Exchange Commission. In addition, the forward-looking statements contained herein are as of today only and should not be relied upon as representing the company's plans as of any subsequent date. While Avid may elect to update these forward-looking statements at some point in the future, Avid specifically disclaims any obligation to do so.
About Avid Technology, Inc.
Avid is a worldwide leader in tools for film, video, audio, 3D animation, gaming and broadcast professionals – as well as for home audio and video enthusiasts. Avid professional and consumer brands include Avid, Digidesign, M-Audio, Pinnacle Systems, Sibelius, Softimage and Sundance Digital. The vast majority of primetime television shows, feature films, commercials and chart-topping music hits are made using one or more Avid products. Whether used by seasoned professionals or beginning students, Avid's products and services enable customers to work more efficiently, productively and creatively. Avid received an Oscar® statuette representing the 1998 Scientific and Technical Award for the concept, design, and engineering of the Avid® Film Composer® system for motion picture editing. For more information about the company's Oscar, Grammy® and Emmy® award-winning products and services, visit www.avid.com.
# # #
© 2008 Avid Technology, Inc. All rights reserved. Avid, Digidesign, Film Composer, M-Audio, Pinnacle Systems, Sibelius, Softimage, and Sundance Digital are trademarks or registered trademarks of Avid Technology, Inc. or its subsidiaries in the United States and/or other countries. Emmy is a registered trademark of ATAS/NATAS. Oscar is a trademark and service mark of the Academy of Motion Picture Arts and Sciences. Grammy is a trademark of the National Academy of Recording Arts and Sciences, Inc. All other trademarks are the property of their respective owners.