Network-1 Increases its Share Repurchase Program
NEW YORK, Jan. 29, 2013
NEW YORK, Jan. 29, 2013 /PRNewswire/ --Network-1 Security Solutions, Inc.
(the "Company") (OTCBB: NSSI) announced today that its Board of Directors has
authorized an increase to its previously announced share repurchase program
pursuant to Rule 10(b)-18 permitting the Company to repurchase up to an
additional $1,000,000 (for a total of up to $5,000,000) in shares of the
Company's common stock over the next twelve months. On August 14, 2011, the
Company announced a share repurchase program to purchase up to $2,000,000 of
its common stock, which was increased to an aggregate of $4,000,000 on
February 2, 2012. To date, the Company has repurchased approximately
2,600,000 shares under its program at an average price of $ 1.24 per share.
The Common Stock may be repurchased from time to time in open market
transactions or privately negotiated transactions in the Company's discretion.
The timing and amount of shares repurchased will be determined by the
Company's management based on its evaluation of market conditions and other
factors. The repurchase program may be increased, suspended or discontinued
at any time.
The share repurchase program was approved by the Company's Board of Directors
as part of its ongoing consideration of alternative methods to take advantage
of the Company's strong cash position. The Board of Directors believes that
increasing the share repurchase program at this time is in the best interests
of the Company and its shareholders, and will not impact the Company's ability
to execute its growth plans.
ABOUT NETWORK-1 SECURITY SOLUTIONS, INC.
Network-1 Security Solutions, Inc. is engaged in the acquisition, development,
licensing and protection of its intellectual property and proprietary
technologies. It currently owns six patents covering various
telecommunications and data networking technologies and is currently focusing
its licensing efforts on its Remote Power Patent (U.S. Patent No. 6,218,930)
covering the remote delivery of power over Ethernet networks. Network-1 has 15
license agreements with respect to its Remote Power Patent, which include,
among others, license agreements with Cisco Systems, Inc., Cisco-Linksys,
Inc., Extreme Networks, Inc., Netgear Inc. and several other data networking
vendors. The Remote Power Patent was granted by the U.S. Office of Patents
and Trademarks on April 21, 2001 and expires on March 11, 2020.
This release contains forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. These statements address future events and conditions concerning
Network-1's business plans. Such statements are subject to a number of risk
factors and uncertainties as disclosed in the Network-1's Annual Report on
Form 10-K for the year ended December 31, 2011 and its quarterly report on
Form 10-Q for the period ended September 30, 2012 including, among others, the
ability of Network-1 to enter into additionallicense agreements with third
parties for its intellectual property or the intellectual property of its
strategic partners, the ability of Network-1 to receive significant royalties
from its existing license agreements, the uncertainty of patent litigation,
risks related to the reexamination of Network-1's Remote Power Patent by the
United States Patent and Trademark Office Network-1's ability to achieve
revenues and profits from its intellectual property or the intellectual
property of its strategic partners, Network-1's ability to execute its
strategy to acquire additional patents or enter into strategic relationships
with third parties to license or otherwise monetize their intellectual
property, the continued viability of the PoE market, future economic
conditions and technology changes and legislative, regulatory and competitive
developments. Except as otherwise required to be disclosed in periodic
reports, Network-1 expressly disclaims any future obligation or undertaking to
update or revise any forward-looking statement contained herein.
Corey M. Horowitz, Chairman and CEO
Network-1 Security Solutions, Inc.
SOURCE Network-1 Security Solutions, Inc.
Press spacebar to pause and continue. Press esc to stop.