Radware Ltd. (NASDAQ: RDWR), the leading provider of intelligent integrated solutions for ensuring the fast, reliable and secure delivery of networked and Web-enabled applications over IP, today announced that following its previous announcements regarding the reactivation of a Stock Repurchase Program it has now filed a request for court approval in order to continue with a repurchase program of up to $25 million. Since reactivating the repurchase program in May 2006, Radware repurchased company shares in an amount of approximately $10 million. This amount did not require court approval under Israeli law. However, Radware filed the request for court approval to facilitate a larger scope of repurchase.
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. The share repurchases will be made from available working capital.
As of September 7, 2006, Radware had approximately 19 million shares outstanding.
About Radware
Radware (NASDAQ:RDWR) is the global leader in integrated application delivery solutions, assuring the full availability, maximum performance and complete security of all business critical networked applications while dramatically cutting operating and -scaling costs. Over 3,000 enterprises and carriers worldwide use Radware application-smart switches to drive business productivity and improve profitability by adding critical application intelligence to their IP infrastructure, making networks more responsive to specific business processes. Radware's APSolute product family provides the most complete set of application front-end, remote access and security capabilities for application-smart networking to ensure faster, more reliable and secure business transactions. Learn more on how Radware application delivery solutions can enable you to get the most of your investments in IT infrastructure and people. www.radware.com.
This press release may contain forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the Application Switching industry, changes in demand for Application Switching products, the timing and amount or cancellation of orders and other risks detailed from time to time in Radware's filings with the Securities and Exchange Commission, including Radware's Form 20-F.
Meir Moshe, Radware Ltd.; 011-972-3766-8610 or meirm@radware.com
Investor Relations: Dennis S. Dobson; 203-255-7902 or IR@radware.com