BUFFALO, N.Y., April 02, 2018 (GLOBE NEWSWIRE) -- CTG (NASDAQ:CTG), a leading provider of information technology (IT) solutions and services in North America and Western Europe, today announced the Board of Directors authorized the Company’s repurchase of an additional $10 million of CTG’s outstanding shares. The expanded repurchase authorization complements the Company’s recently commenced modified “Dutch Auction” tender offer to repurchase up to 1,530,990 shares of its common stock by providing additional capacity for open market purchases following completion of the tender offer.
CTG's Board of Directors Chairman, Daniel J. Sullivan, commented, "The additional $10 million share repurchase authorization increases the Company’s future capacity to opportunistically repurchase CTG shares in the open market after completion of the modified “Dutch Auction” tender offer. Together with our previously announced actions, this authorization clearly demonstrates both the Board’s and management’s continued commitment to maximizing shareholder value and achieving our strategic growth plans."
CTG's share repurchase program authorizes the Company to repurchase its common stock from time to time in compliance with applicable securities laws. Neither the program nor the authorization requires the Company to repurchase any shares, and the timing of any such transactions as well as the number of shares will be decided at management's discretion based on market conditions and other factors. The Company's share repurchase program does not have an expiration date, and it will remain in place until terminated by CTG's Board of Directors.
The provisions of the “Offer to Purchase” and the “Letter of Transmittal” relating to the tender offer are described in the Company’s recent filings with the U.S. Securities and Exchange Commission. Additional copies of these materials may be obtained for free by contacting Computer Task Group, Incorporated at 800 Delaware Avenue, Buffalo, New York 14209, Attn: Investor Relations, or Georgeson LLC, the information agent for the tender offer, at (800) 676-0194. The tender offer and withdrawal rights will expire at midnight, at the end of the day on April 16, 2018, unless extended or terminated by Computer Task Group, Incorporated.
About CTG
CTG (NASDAQ:CTG) provides industry-specific IT services and solutions that address the business needs and challenges of clients in high-growth industries in North America and Western Europe. CTG also provides strategic staffing services for major technology companies and large corporations. Backed by more than 50 years of experience and proprietary methodologies, CTG has a proven track record of reliably delivering high-value, industry-specific staffing services and solutions to its clients. CTG has operations in North America, Western Europe, and India. The Company regularly posts news and other important information online at www.ctg.com.
