ADIC Announces Share Repurchase Program
Storage solutions provider to the open systems marketplace Advanced Digital Information Corporation today announced that its Board of Directors has authorized the repurchase of up to five percent of the Company's outstanding common stock on the open market.
This authorization to repurchase shares was enabled by the Emergency Order issued by the SEC on September 14, 2001, which grants temporary relief with respect to certain SEC rules governing issuer stock repurchases. The Company's authorization to repurchase its shares will terminate concurrent with the termination of effectiveness of the SEC's Emergency Order at the end of the fifth business day after the reopening of trading in U.S. markets. If the SEC extends the effective period of this Emergency Order, the company said share repurchase authorization will be extended for the same period of time.
ADIC said its products include technology-independent automated storage systems, specialized storage management software, and multiple-protocol storage networking (SAN/NAS) connectivity and management tools.