Aliso Viejo, CA -- Smith Micro Software, Inc. (NASDAQ: SMSI) a developer and marketer of a wide range of software and service solutions for the wireless and Internet markets, today announced that its Board of Directors authorized a stock repurchase program under which up to 1 million shares of its outstanding common stock may be acquired in the open market over the next 18 months at the discretion of management.
The shares will be purchased from time to time at prevailing market prices, through open market or unsolicited negotiated transactions, depending upon market conditions. Under the program, the purchases will be funded from available working capital, and the repurchased shares will be held in treasury or used for ongoing stock issuances such as issuances under employee stock plans. There is no guarantee as to the exact number of shares, which will be repurchased by Smith Micro, and Smith Micro may discontinue purchases at any time that management determines additional purchases are not warranted. As of September 30, 2002, Smith Micro had approximately 16.234 million shares outstanding.
Mr. William W. Smith, Jr. remarked, "The Board's approval of this program reflects our confidence in Smith Micro's future. Repurchasing stock is one means of underscoring our commitment to enhancing stockholder value."
About Smith Micro Software
Smith Micro Software, Inc., headquartered in Aliso Viejo, CA, is a developer and marketer of wireless communication and utility software products. The company designs integrated, cross platform, easy-to-use software for personal computing and business solutions around the world. With a focus on the Wireless, and Broadband technologies, the Internet and the company's products and services enable wireless communications, eCommerce, eBusiness, Internet communications (voice-over-IP), video conferencing, and network fax, along with traditional computer telephony. Smith Micro's complete line of products is available through original equipment manufacturers (OEMs), direct sales, retail stores, value-added resellers (VARs). Smith Micro's common stock trades on The Nasdaq Stock Market® under the symbol SMSI. For more information, contact Smith Micro at (949) 362-5800.
This release may contain forward-looking statements that involve risks and uncertainties, including without limitation risks and uncertainties relating to the company's financial prospects and projections, the company's plans for returning to sustained profitability and the company's ability to increase its business in the Wireless and Broadband segments. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are new and changing technologies, customer acceptance of those technologies, fluctuations or cancellations in orders from distribution customers, new and continuing adverse economic conditions, and the company's ability to compete effectively with other software companies. These and other factors could cause actual results to differ materially from those presented in any forward-looking statement and are discussed in the company's filings with the Securities and Exchange Commission including its recent filings on Forms 10-K and 10-Q.
Smith Micro and the Smith Micro logo are trademarks or registered trademarks of Smith Micro Software, Inc. All other trademarks and product names are the property of their respective companies.