Santeon Announces Share Repurchase Program
Published on Wednesday, 06 February 2013 12:01 Written by TradersHuddle Staff
RESTON, Va., Feb. 4, 2013 /PRNewswire/ -- Santeon Group Inc. (OTC: SANT, "Santeon" - News) today announced that its Board of Directors (the "Board") has authorized a program to repurchase up to five hundred thousand dollars ($500,000.00) of common stock in the open market over the next twelve (12) months. Under the program authorized by the Board, Santeon may repurchase shares of common stock in the open market or through privately negotiated transactions over the next twelve months and as permitted under Securities Exchange Act of 1934 Rule 10b-18. A condition of the Board's authorization is that all purchases be made using internally generated funds.
Dr. Ashraf Rofail, Chairman and Chief Executive Officer of Santeon Group Inc., commented on the Board authorization, "I am very pleased the Board has taken this strategic step and authorized the share repurchase program. Given the underlying strength of Santeon's business, our recent customer wins and positive financial trends, we believe our current stock price is undervalued. Therefore, the share repurchase program is in the best interests of our stockholders."
The extent to which Santeon repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by Santeon's management team.
About Santeon Group Inc.
Santeon Group Inc. is a technology company headquartered in Northern Virginia with offices in Reston, VA, Tampa, FL, Cairo, Egypt and Pune, India. Santeon offers products and services in Agile training and transformation, healthcare and media. Santeon's goal is to serve emerging markets by providing technically superior products and solutions while reducing the cost of ownership and deployment of these solutions through a strong channel partner and distribution model. For more information please visit our web site at http://www.santeon.com.
Safe Harbor Statement:
The preceding press release may include statements that include, among others, forward-looking statements about our beliefs, plans, objectives, goals, expectations, estimates and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond our control. The words "may", "could", "should", "would", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target", "goal" and similar expressions are intended to identify forward-looking statements. All forward-looking statements, by their nature, are subject to risks and uncertainties. Our actual future results may differ materially from those set forth in the forward-looking statements. Our ability to achieve our financial objectives or improve the company's stock price could be adversely affected by many factors, including, without limitation, the following factors: The strength of the United States economy, changes in the securities markets legislative or regulatory changes, the loss of key personnel, technological changes, changes in customer habits, our ability to manage these and other risks, and our ability to deliver products and services on time. However, other factors besides those listed above could adversely affect our results, and you should not consider any such list of factors to be a complete set of all potential risks or uncertainties. These forward-looking statements are not guarantees of future performance, but reflect the present expectations of future events by our management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Any forward-looking statements made by us speak only as of the date they are made. For additional information about Santeon's business and financial results, refer to Santeon's Annual Report on Form 10-K that may be found at sec.gov or on http://santeon.com/Sec_Filings.html. Santeon undertakes no obligation to update any forward-looking statements that may be made from time to time by the company, except as may be required by applicable law, whether as a result of new information, future events or otherwise.
Investor Relations contact:
Santeon Group, Inc.
703-970-9200, ext. 112
SOURCE Santeon Group Inc.
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