Israel’s EZchip Semiconductor Ltd., a producer of high-performance data-path processing solutions for carrier and data-center networks, announced that its Board of Directors has approved a program to repurchase up to $20 million of its Ordinary Shares.
Eli Fruchter, Chief Executive Officer of EZchip said, “We believe the share repurchase program represents a good use of the Company’s capital and the Board’s confidence in EZchip’s long term prospects, and is consistent with the goal of increasing shareholder value. We continue to believe both our current and new products are well positioned to drive meaningful growth over the next several years and we remain highly optimistic about our short-term, mid-term and long-term performance.”
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Share purchases will take place in open market transactions or in privately negotiated transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. Such purchases will be made in accordance with all applicable securities laws and regulations. For all or a portion of the authorized repurchase amount, EZchip may enter into a plan that is compliant with Rule 10b5-1 of the United States Securities Exchange Act of 1934 that is designed to facilitate these purchases.
The repurchase program, which is expected to commence in the second quarter of 2015, does not require EZchip to acquire a specific number of shares, and may be suspended from time to time or discontinued. The share repurchases will be funded from available working capital.