Digital River Authorizes New Share Repurchase Program
MINNEAPOLIS, April 19, 2005-- Digital River, Inc. (NASDAQ: DRIV), a global leader in e-commerce outsourcing, today announced that its Board of Directors authorized a new share repurchase program of up to $50 million of its outstanding common shares. This new program supersedes and replaces the $5 million share repurchase program that the company adopted in 2001. The shares may be repurchased in the open market or in privately negotiated transactions.
“This action demonstrates the confidence Digital River’s Board of Directors and senior management have in the company’s ability to grow and their ongoing commitment to delivering shareholder value,” said Joel Ronning, Digital River’s CEO. “Our strong cash position provides us the flexibility to execute an effective stock repurchase program as well as achieve our strategic objectives.”
Repurchases will be from time to time at the company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its common stock and general market conditions. No time limit was set for completion of the repurchase program.
About Digital River, Inc.
Digital River, Inc., a global leader in e-commerce outsourcing, builds and manages online businesses for more than 40,000 software publishers, manufacturers, distributors and online retailers. Its multi-channel e-commerce solution, which supports both direct and indirect sales, is designed to help companies of all sizes maximize online revenues as well as reduce the costs and risks of running an e-commerce operation. The company's comprehensive platform offers site development and hosting, order management, fraud prevention, export controls, tax management, physical and digital product fulfillment, multi-lingual customer service, advanced reporting and strategic marketing services.
Founded in 1994, Digital River is headquartered in Minneapolis with offices in major U.S. and European cities. For more details about Digital River, visit the corporate Web site at www.digitalriver.com or call 952-253-1234.
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding the Company's anticipated future growth and financial performance as well as statements containing the words anticipates or expects, and similar words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company, or industry results, to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others: the Company's limited operating history and variability of operating results; competition in the e-commerce market; and other risk factors referenced in the Company's public filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K filed on March 16, 2005, for the year ended Dec. 31, 2004.
Digital River is a registered trademark of Digital River, Inc. All other trademarks and registered trademarks are trademarks of their respective owners.
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