Monday, August 10, 1998
Ontrack Data International announces stock repurchase programOntrack Data International, Inc. (Nasdaq: ONDI) today announced that its Board of Directors has approved a stock repurchase plan, which authorizes the Company to repurchase up to 500,000 shares, or approximately 5%, of its outstanding common stock. The Company currently has 9,965,000 shares outstanding. The shares may be purchased in market or private transactions and will be financed through available Company cash.
“ We believe our stock is currently trading at a steep discount to its fundamental value and is an attractive investment”, said Michael W. Rogers, chairman and CEO of Ontrack. “No shares will be repurchased directly from directors or officers of the company”.
Ontrack (Nasdaq: ONDI), the world leader in data recovery, specializes in services and software that help computer users access and recover their valuable data. Using hundreds of proprietary tools and techniques, Ontrack is able to recover lost or corrupted data from all operating systems and types of storage devices. Ontrack can be reached through its World Wide Web site at http://www.ontrack.com or by calling 800-872-2599 (612-937-5161). In addition to its Minneapolis headquarters, Ontrack operates customer service centers in Los Angeles, San Jose, Washington, D.C., New York, Tokyo, London, Paris and Stuttgart.
Statements in this release concerning the future prospects of Ontrack are “forward-looking statements” under the Federal securities laws. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts, estimates, and summary information contained in this press release. Important factors that could cause actual results to differ materially are included but are not limited to those listed in the Ontrack Annual Report incorporated by reference into the Form 10-K for the year ended December 31, 1997, under the caption “ Management's Discussion and Analysis of Financial Condition and Results of Operations -- Forward Looking Statements”.
Ben Blomberg, 952-516-3617, Ben.Blomberg@krolldiscovery.com