ECtel's (ECTC) Board Approves Plan to Buyback up to $4 Million of Outstanding Ordinary Shares
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ECtel Ltd. (NASDAQ: ECTX) announced that its Board of Directors has authorized a plan for the repurchase of the Company's ordinary shares in the open market, in an amount in cash of up to $4million.
The share repurchases will be funded from available working capital. ECtel reported a net cash position of $28.1 million as of March 31, 2008. ECtel believes that its cash resources, after giving effect to the repurchase, are adequate to allow the Company to continue pursuing its objectives.
ECtel is a leading global provider of Integrated Revenue Management(TM) (IRM(TM)) solutions for communications service providers.
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