CTG Announces Extension of 10b5-1 Plan to Facilitate Share Repurchases
CTG (NASDAQ: CTGX) today announced that it has extended a stock repurchase plan under Rule 10b5-1 of the Securities and Exchange Commission to facilitate the repurchase of its common stock. The Company had approximately 860,000 shares available for repurchase as of December 31, 2011 under its outstanding repurchase authorizations.
The plan is effective from January 5, 2012 until the day following the Company's release of its 2011 fourth quarter and full year financial results. CTG's 10b5-1 plan allows for the repurchase of shares during the time following the close of a quarter and the announcement of quarterly financial results when the Company's stock repurchase policy does not allow for the direct purchase of shares by the Company. Repurchases are subject to SEC regulations as well as certain price, market, volume, and timing constraints specified in the plan. The plan does not require that any shares be purchased.
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