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News

Stock repurchase program extended another year

Cogent Systems : 14 November, 2008  (Company News)
Biometric supplier, Cogent Systems extends repurchase program until November 2009
Cogent Systems has announced that its Board of Directors has authorised an extension until November 12, 2009 of the share repurchase program previously announced in November 2007. Also, the Board of Directors increased the size of the repurchase program to $150 million. The stock repurchase program originally allowed for the repurchase of up to $100 million of the Company's common stock over a one year period. To date, the Company has repurchased a total of 6 million shares at a combined cost of approximately $59 million or $9.84 per share.

'The Board's decision to extend the share repurchase program emphasizes their confidence in the future of our company,' said Ming Hsieh, Chief Executive Officer and Chairman of Cogent. 'We remain committed to improving shareholder value. With over $456 million in cash and investments, no debt and a proven business model that generates cash period over period, we are well positioned to continue investing in our future.'

Depending on market conditions, shares may be repurchased from time to time at prevailing market prices through open market or negotiated transactions. The Company is not obligated to purchase any shares. Subject to applicable corporate securities laws, repurchases may be made at such times and in such amounts as the Company's management deems appropriate. Purchases under the program can be discontinued at any time management feels additional purchases are not warranted. The repurchases will be made using the Company's cash resources.
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