Echelon Corporation (NASDAQ:ELON) announced today that its board of directors has authorized a new stock repurchase program that will expire on April 18, 2011. The program, which authorizes the repurchase of up to 3,000,000 shares of the Company's Common Stock, will be conducted in accordance with Rule 10b-18 and other applicable laws, rules and regulations. Echelon will select a single broker/dealer to assist Echelon in repurchases made by the Company in connection with the stock repurchase program.
About Echelon Corporation
Echelon Corporation (NASDAQ:ELON) is a networking company that provides products and systems that can monitor and save energy; lower costs; improve productivity; and enhance service, quality, safety, and convenience by connecting everyday devices in utility, buildings, industrial, transportation, and home control systems. Tens of millions of smart devices based on Echelon’s LonWorks products and Networked Energy Services (NES) systems are used around the world today, bringing benefits to consumers and industry. More information about Echelon can be found at http://www.echelon.com/
Echelon, LonWorks and the Echelon logo are trademarks of Echelon Corporation registered in the United States and other countries.
This press release may contain statements relating to future plans, events or performance. Such statements may involve risks and uncertainties, including risks associated with uncertainties pertaining to the price at which Echelon may repurchase its common stock under the repurchase program, the market for Echelon's stock, the timing and level of customer orders, development of markets for Echelon's products and services, and other risks identified in Echelon's SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Echelon undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts:
Chris Stanfield, 408-938-5243
cstanfield@echelon.com
Polk
Laffoon, 408-938-3119
plaffoon@echelon.com
