Announces Management Change
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Aug. 20, 2007--SumTotal(R)
Systems (NASDAQ:SUMT), a global provider of talent and learning
management solutions, announced today that it has been authorized by
its Board of Directors to institute a stock repurchase program whereby
up to $15 million of its Common Stock may be repurchased in the open
market from time to time depending on market conditions and prevailing
stock prices.
"The repurchase program announced today reflects the Board of
Directors' continued confidence in the Company's prospects and
commitment to enhancing shareholder value," said Don Fowler, Chief
Executive Officer. "At the levels at which our stock has been trading
recently, we believe that our company is undervalued."
The Company also announced that David Crussell, its Chief
Operating Officer, will be departing the company. Mr. Crussell will
complete various transitional activities and will leave SumTotal to
pursue other interests by the end of the year.
About SumTotal Systems, Inc.
SumTotal Systems, Inc. (NASDAQ:SUMT) is a global provider of
talent and learning management solutions. SumTotal deploys
mission-critical solutions designed to align goals, develop skills,
assess performance, plan for succession and set compensation.
SumTotal's solutions aim to accelerate performance and profits for
more than 1,500 companies and governments of all sizes, including six
of the world's 10 biggest pharmaceutical makers, six of the 10 largest
automotive companies in the world, four of the five branches of the
U.S. Armed Forces, three of the world's top five airlines, five of the
six largest US commercial banks, and two of the world's top five
specialty retailers. Mountain View, Calif.-based SumTotal has offices
across Asia, Australia, Europe and North America. For more information
about SumTotal's products and services, visit www.sumtotalsystems.com.
SumTotal, the SumTotal logo, TotalLMS, and Results-On-Demand are
registered trademarks or trademarks of SumTotal Systems, Inc. and/or
its affiliates in the United States and/or other countries. Other
names may be trademarks of their respective owners.
SAFE HARBOR / FORWARD-LOOKING STATEMENT
Information in this press release contains forward-looking
statements including, but not limited to, regarding the future
performance and operations of the company and the valuation of the
company and its common stock. These statements are not historical
facts or guarantees of future performance or events; are based on
current expectations, estimates, beliefs, assumptions, goals and
objectives; and involve known and unknown risks, uncertainties and
other factors that may cause actual results to be materially different
from the results expressed or implied by these statements. Readers of
this press release are cautioned not to place undue reliance on any
forward-looking statement or statements. Additional factors that could
cause actual results to differ include, but are not limited to, (i) no
guarantee that the company will execute the stock repurchase plan, or,
if it does, that the stock repurchase will achieve its intended
results, including, but not limited to, increasing shareholder value;
(ii) the amount and timing of stock repurchases made by the company,
if any; (iii) increased execution risk and possible adverse impact on
company operations given the departure of the company's chief
operating officer and certain other employees; (iv) further employee
turnover, including management turnover, and the company's ability to
replace such employees, if needed; (v) failure to close expected
transactions for the company's solutions and products either in the
third quarter of fiscal 2007 or thereafter, and the timing of
recognizing revenue from such transactions; and (vi) other events and
other important factors disclosed previously and from time to time in
SumTotal Systems' filings with the Securities and Exchange Commission,
including the company's annual report for fiscal year 2006 on Form
10-K filed on March 16, 2007, its quarterly report on Form 10-Q filed
on August 7, 2007, its Prospectus Supplement filed on Form 424B2 filed
on May 21, 2007 and its Form 8-Ks. The forward-looking statements
contained in this release are made as of the date of this press
release, and the company assumes no obligation to update the
information in this press release.
CONTACT: Investor Contact:
SumTotal Systems, Inc.
Gwyn Lauber, 650-934-9594
glauber[at]sumtotalsystems.com
Media Contact:
SumTotal Systems, Inc.
Bill Perry, 614-975-7538
bperry[at]sumtotalsystems.com
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