Conversion Services International, Inc. Buys Back 3,892,355 Shares of Common Stock
EAST HANOVER, N.J. (February 2, 2006) - - Conversion Services International,
Inc. (AMEX: CVN), a premier professional services firm focused on
delivering the value in business intelligence, data warehousing
and data management solutions to Global 2000 organizations and other
businesses, today announced its Board of Directors has authorized
the Company to repurchase 3,892,355 shares of its common stock from
its largest non-affiliated stockholder, WHRT I Corp., or approximately
7.2% of the Company’s outstanding shares. The bid is being
made because the directors of the Company believe that the purchase
of this common stock constitutes a good use of the Company’s
funds and that the Company and its stockholders will benefit from
such an acquisition. The Company reported that the repurchased shares
will be used for general corporate purposes.
“We believe that the current share price does not reflect
the long term prospects of the Company and therefore represents
an excellent opportunity for us,” said Scott Newman, president,
CEO and chairman. “The initiative reflects our commitment
to promote long-term stockholder value, while maintaining the
flexibility necessary to achieve key business objectives such
as continuing to grow our business organically and pursue strategic
acquisitions.”
About Conversion Services International, Inc.
A Note on Forward-Looking Statements
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