Evolving Systems Announces Extension of Share Repurchase Program

Evolving Systems, Inc. EVOL today announced that its Board of Directors has authorized the share repurchase program, which was put into effect on May 20, 2011, and was set to expire on December 31, 2011, will be extended through December 31, 2012. The Company is not making any change to the amount of the Repurchase Plan, which is capped at $5.0 million in aggregate of the Company's common stock. As of December 13, 2011, the Company has repurchased 176,239 shares of common stock for a value of $1,233,934 under this program. Continuing through December 31, 2012, the Company intends to make purchases from time to time at prevailing market prices either in the open market or through privately negotiated transactions. The size and timing of such purchases, if any, will be based on market and business conditions as well as other factors. The Company is not obligated to purchase any shares. Purchases under the program can be discontinued at any time the Company determines additional purchases are not warranted. As of December 13, 2011, Evolving Systems had 11,127,680 shares outstanding.