Radware (Nasdaq; RDWR), the leading provider of Intelligent Application Switching (IAS) ensuring availability, performance and the integrity of networked applications across the enterprise, announced today that its board of directors has authorized a stock repurchase program of up to 1.5 million Ordinary Shares or $10 million. The repurchase program will become effective upon court approval, which is required under Israeli law.
“We have tremendous confidence in our industry and in our market position both today and into the future," said Roy Zisapel, President and CEO of Radware Ltd. "We believe that this stock repurchase program is in the best interests of our shareholders."
Purchases under Radware’s stock repurchase program may be made in the open market or in private transactions, from time to time, through block trades or otherwise. These purchases will depend on market conditions and other factors and may be commenced or suspended at any time without prior notice. The Company's current intention is to implement the repurchase program in accordance with the safe harbour rules of Rule 10b-18 under the US Securities Exchange Act of 1934.
As of November 5, 2002, Radware had approximately 17 million shares outstanding.
About Radware
Radware is dedicated to providing Intelligent Application Switching, guaranteeing the best operation and servicing of IP applications and enterprise traffic across the Internet. Radware aligns application needs with the network infrastructure to seamlessly allocate resources, optimize application operations and extend security, ensuring the integrity of critical business processes.
Radware’s solutions address the needs of corporate enterprises, service providers, and e-commerce business through one or more of our award winning products including: Web Server Director (WSD), Cache Server Director (CSD), FireProof, Content Inspection Director (CID), LinkProof, Peer Director, CertainT 100. Our comprehensive suite of products service end-to-end application operations, providing robust and scalable network traffic assurance. Get certain, from click to content, across your network -- with Radware. For more information, please visit us at www.radware.com
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company’s products, successful implementation of the company’s products, economic and competitive factors, international market conditions, technological developments, the ability to finance operations and other factors which are detailed in the company’s SEC filings.