Verity Announces Stock Repurchase Program - Up to $50 million to be Repurchased this Fiscal Year
SUNNYVALE, Calif. - 2001-09-12 - Verity, Inc. (NASDAQ: VRTY), a leading provider of infrastructure software powering enterprise and e-commerce portals as well as e-business applications, today announced that its Board of Directors has approved the repurchase of up to an aggregate of $50 million of its Common Stock. "Based on current market prices, we believe that our stock is undervalued and that the repurchase program is a good investment of available funds," said Gary J. Sbona, Verity's chairman and chief executive officer. The repurchases will be made from time to time on the open market at prevailing market prices or in negotiated transactions off the market. The repurchase program is expected to continue through the end of the current fiscal year (May 2002) unless extended or shortened by the Board of Directors.
About Verity
Headquartered in Sunnyvale, California, Verity is a leading provider of business portal infrastructure software. Verity software gives businesses a multitude of ways to improve access to vital information and perform a range of e-business operations, while enhancing the end-user experience. Verity-powered business portals, which include corporate portals used for sharing information within an enterprise; e-commerce portals for online selling; and market exchange portals for B2B activities, all provide personalized information to employees, partners, customers and suppliers.
Verity products are used by 80 percent of the Fortune 50 and by more than 1,500 corporations in various markets. Customers include Adobe Systems, American Greetings, AT&T, Cap Gemini Ernst & Young, Cisco, CNET, Compaq, Dow Jones, EDGAR Online, FairMarket, Financial Times, Globe and Mail, Home Depot, Lotus, NewsEdge Corporation, SAP, Siemens, Sybase, Time New Media and Timex. In 2001, Delphi Group named Verity as the market leader in the portal infrastructure software.
The statements in this press release regarding the repurchase of Verity common stock and the expected duration of the repurchase program are forward looking statements that are subject to risks and uncertainties. Verity may repurchase $50 million of its stock, none of its stock, or any amount in between, and lengthen or shorten the repurchase period, depending on the trading price of its common stock, market conditions, determinations following the date of this announcement to use such funds for other purposes, or for other reasons. Other risks relating to Verity can be found in Verity's Annual Report and its business and products are as set forth in Verity's latest Form 10-K and Form 10-Qs filed with the Securities and Exchange Commission.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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