Jacada Ltd. (NASDAQ: JCDA), a leading provider of unified desktop and process optimization solutions for customer service operations, today announced that its Board of Directors has authorized the use of up to $10 million of the Company’s available cash to repurchase Common shares of the Company.
Purchases shall be made from time to time at the discretion of management in the open market or in privately negotiated transactions, subject to, among other factors, market conditions, trading volume and the Company's share price. No time limit was set for the repurchase program and the program may be suspended from time to time or discontinued.
In addition, purchases will be made in compliance with the applicable provisions of Section 302 and 303 of the Israeli Companies Law - 1999, Rules 10b-18 and 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulation M promulgated under the Exchange Act. Under Israeli law, the program requires court approval. Accordingly, Jacada will file an application with the District Court in Tel Aviv, Israel in the next few days, to approve the repurchase by the Company of up to $10 million of its ordinary shares and expects that the approval process will take approximately 6-8 weeks.
“Our board of directors has determined that the repurchase of Jacada stock represents an effective use of a portion of our cash at this time,” stated Paul O’Callaghan, chief executive officer of Jacada. “The strength of our balance sheet, the confidence we have in our business model and the continued execution of our long-term business strategy supports this decision.”
As of December 31, 2007, Jacada had approximately 20,600,865 ordinary shares outstanding and the closing price for its ordinary shares on The Nasdaq Global Market as of February 11, 2008, was $3.46.
About Jacada
Jacada is a leading global provider of unified service desktop and process optimization solutions that simplify and automate customer service processes. By bridging disconnected systems into a single, intelligent desktop, Jacada solutions create greater operational efficiency and increase agent and customer satisfaction. Founded in 1990, Jacada operates globally with offices in Atlanta, Georgia; Herzliya, Israel; London, England and Munich, Germany. Jacada can be reached at www.jacada.com.
Forward Looking Statement
This news release may contain forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. The words "may," "could," "would," "will," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions or variations thereof are intended to identify forward-looking statements.Investors are cautioned that any such forward-looking statements are not guarantees of the future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the performance and continued acceptance of our products, general economic conditions and other Risk Factors specifically identified in our reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made. Jacada is a trademark of Jacada Inc. All other brands or product names are trademarks of their respective owners.
Jacada is a trademark of Jacada Ltd. All other brands or product names are trademarks of their respective owners.
Contacts:
Tzvia Broida, 972 9 9525927
Chief Financial Officer
Tzvia@jacada.com
or
Hayden
Communications
Peter Seltzberg, 646-415-8972
peter@haydenir.com
