SALT LAKE CITY, Feb. 21, 2013 /PRNewswire/ -- ClearOne (NASDAQ: CLRO) today announced that the company's Board of Directors has approved an increase in the company's stock repurchase program from $3.0 million to $10.0 million of its outstanding shares of common stock. Under the initial program implemented May 16, 2012, ClearOne was authorized to repurchase up to $2 million of its outstanding shares of common stock from time to time over a twelve-month period. On July 30, 2012, the Board of Directors increased the amount approved for repurchase from $2.0 million to $3.0 million. The Board approval on February 20, 2013 increases the amount the company may repurchase from $3.0 million to $10.0 million in open market or privately negotiated transactions depending on prevailing market conditions and other factors. All purchases will be executed in accordance with applicable federal securities laws.
"We believe our current stock price does not reflect our intrinsic value and the growth opportunities available to us. Our comfortable cash balance will support our decision to invest in ourselves by increasing the volume of the repurchase program," said Zee Hakimoglu, President, Chief Executive Officer and Chairman of ClearOne.
ClearOne is a global company that designs, develops and sells conferencing, collaboration, streaming and digital signage solutions for audio visual communications. The performance and simplicity of its advanced comprehensive solutions enhance the quality of life. ClearOne products offer unprecedented levels of functionality, reliability and scalability. More information about the company can be found at www.clearone.com.
This release contains "forward-looking" statements that are based on present circumstances and on ClearOne's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements, including any statements of the plans and objectives of management for future operations, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Such forward-looking statements are made only as of the date of this release and ClearOne assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements.