GoAmerica, Inc. Announces Adoption of Stock Repurchase Program
November 24 2008 - 5:31PM
PR Newswire (US)
NOVATO, Calif., Nov. 24 /PRNewswire-FirstCall/ -- GoAmerica, Inc.
(NASDAQ: GOAM) announced today that its Board of Directors has
authorized the repurchase of up to $1.0 million of the Company's
outstanding common stock between the initiation of purchases and
December 31, 2009. The Company may repurchase shares from time to
time, at the Company's discretion, on the open market or in private
transactions. The repurchase program does not obligate the Company
to repurchase any specific number of shares and may be modified or
discontinued at any time. Implementation of the repurchase program
remains subject to formal consent by the Company's first lien
lenders, the granting of which is subject to amendment of the
Company's credit agreements. The Company expects to initiate
repurchases immediately upon the effectiveness of the required
amendments. Among other things, the amendments to the credit
agreements are expected to provide for a $2 million reduction in
the Company's $15 million revolving line of credit, and payment of
a fee to be paid to the first lien lenders in an amount equal to 3%
of the aggregate amount of the repurchases. The repurchase program
will be funded using the Company's working capital. The timing and
amount of any share repurchases under the program will be
determined by the Company's management based on its evaluation of
market conditions and other factors. About GoAmerica, Inc.
GoAmerica, Inc. is one of the nation's largest providers of
communication services for the deaf, hard of hearing, and
speech-disabled communities. As a leading provider of onsite
interpreting services, video relay and text relay services, and
video remote interpreting, the Company delivers a wide array of
options designed to meet the varied communication needs of its
customers. The Company's vision is to improve the quality of life
of its customers by being their premier provider of high quality,
innovative communication services that break down communications
barriers. For more information on the Company or its services,
visit http://www.goamerica.com/ or contact GoAmerica directly at
TTY 201-527-1520, voice 201-996-1717, Internet Relay by visiting
http://www.i711.com/ or http://www.ip-relay.com/, or video phone by
connecting to hovrs.tv. Safe Harbor The statements contained in
this news release that are not based on historical fact --
including statements regarding the anticipated results of the
transactions described in this press release -- constitute
"forward-looking statements" that are made in reliance upon the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements may be identified by the
use of forward-looking terminology such as "may", "will", "expect",
"estimate", "anticipate", "continue", or similar terms, variations
of such terms or the negative of those terms. Such forward-looking
statements involve risks and uncertainties, including, but not
limited to: (i) our ability to integrate the businesses and
technologies we have acquired; (ii) our ability to respond to the
rapid technological change of the wireless data industry and offer
new services; (iii) our dependence on wireless carrier networks;
(iv) our ability to respond to increased competition in the
wireless data industry; (v) our ability to generate revenue growth;
(vi) our ability to increase or maintain gross margins,
profitability, liquidity and capital resources; and (vii)
difficulties inherent in predicting the outcome of regulatory
processes. Such risks and others are more fully described in the
Risk Factors set forth in our filings with the Securities and
Exchange Commission. Our actual results could differ materially
from the results expressed in, or implied by, such forward-looking
statements. GoAmerica is not obligated to update and does not
undertake to update any of its forward looking statements made in
this press release. Each reference in this news release to
"GoAmerica", the "Company" or "We", or any variation thereof, is a
reference to GoAmerica, Inc. and its subsidiaries. "GoAmerica", the
"GoAmerica" logo, "i711", and the "i711.com" logo, "Relay and
Beyond", and "Hands On VRS" are registered trademarks of GoAmerica.
"i711.com", "i711 Wireless", "Mobile Video Phone", and "MVP" are
trademarks and service marks of GoAmerica. Other names may be
trademarks of their respective owners. CONTACT: John Ferron
GoAmerica CFO and COO (415) 408-2340 GoAmerica Laura Kowalcyk (212)
279 3115 x.209 DATASOURCE: GoAmerica, Inc. CONTACT: John Ferron,
CFO and COO, GoAmerica, +1-415-408-2340, ; Laura Kowalcyk,
+1-212-279 3115 x.209, , for GoAmerica Web Site:
http://www.goamerica.com/
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