Intermolecular (IMI) Announces $10M Buyback Authorization

The board of directors of Intermolecular, Inc. (NASDAQ: IMI), the trusted partner for advanced materials innovation, has approved a share repurchase program pursuant to which Intermolecular may repurchase up to $10 million of shares of its common stock.

Under the share repurchase program, effective immediately, repurchases may be made from time-to-time, in amounts, at prices, and at such times as the company deems appropriate, subject to market conditions and federal and state laws governing such transactions. Intermolecular currently has approximately 49.8 million shares outstanding.

"Intermolecular is committed to continue executing on its strategic, operating and financial plans to maximize shareholder value," said Intermolecular CEO Chris Kramer. "We are well-capitalized with more than $30 million of cash and no debt, and we believe this share repurchase program is in the best interest of the company and our shareholders."

This program does not obligate Intermolecular to acquire any particular amount of common stock and the program may be suspended or discontinued at any time. Intermolecular expects to finance the purchases with existing cash balances.

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