WAYNE, Pa., Nov. 14, 2011 (GLOBE NEWSWIRE) -- ICG Group, Inc. (Nasdaq:ICGE) today announced that its Board of Directors approved a $25 million increase in authorized stock buybacks under the Company's share repurchase program, bringing the total authorization to $50 million. Since the implementation of the program in 2008, the Company has repurchased approximately 3.3 million shares for an aggregate of approximately $20.5 million. Taking into account the additional $25 million authorization and the cash used for prior repurchases, the remaining amount authorized under the share repurchase program is approximately $29.5 million.
"This expansion of our repurchase program highlights our confidence in ICG's long-term growth potential, and underscores our commitment to enhancing stockholder value," said Walter Buckley, ICG's Chairman and CEO. "We are pleased to have the financial flexibility to opportunistically allocate our capital to this share repurchase program while maintaining our focus on driving growth at our companies and executing on our strategy."
Share repurchases under this program will be made from time to time through open market or privately negotiated transactions. The timing and actual number of shares repurchased will depend on a variety of factors, including price, regulatory restrictions, market conditions and corporate liquidity requirements.
About ICG
ICG Group, Inc. (Nasdaq:ICGE) identifies, capitalizes and grows companies in the SaaS and tech-enabled BPO sectors. These companies transform the way business is done by enabling enterprises to increase efficiencies and improve critical processes. ICG leverages its unique expertise to carefully identify companies based on their potential to become market changers and market leaders. ICG focuses on building successful businesses in the SaaS and tech-enabled BPO sectors by providing them with access to management expertise and strategic and operational guidance, as well as growth capital.
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Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties, including, but not limited to, risks associated with the effect of economic conditions generally, capital spending by our companies' customers, our companies' collective ability to retain existing customer relationships and secure new ones, our companies' ability to compete successfully against their respective competitors, our companies' ability to timely and effectively respond to technological developments, our and our companies' collective ability to retain key personnel, our ability to have continued access to capital and to deploy capital effectively and on acceptable terms, our ability to maximize value in connection with divestitures, and other risks and uncertainties detailed in ICG's filings with the Securities and Exchange Commission. These and other factors may cause actual results to differ materially from those projected.