WASHINGTON, March 1, 2011 /PRNewswire/ -- Blackboard Inc.
(Nasdaq: BBBB) today announced that its Board of Directors has
approved a share repurchase program that authorizes the Company to
repurchase up to an aggregate of $100
million of its Common Stock.
"This authorization enables us to act opportunistically in
circumstances where repurchasing Blackboard shares constitutes a
compelling use of capital," stated John
Kinzer, Blackboard's Chief Financial Officer. "The new
share repurchase program represents a prudent investment of
available funds and underscores our commitment to increasing
shareholder value."
Share repurchases under the program may be made through open
market purchases or privately negotiated transactions in accordance
with applicable federal securities laws, including Rule 10b-18
of the Exchange Act of 1934. While the board of directors has
approved the share purchasing guidelines, the timing of repurchases
and the exact number of shares of common stock to be purchased will
be determined by the Company's management, at its discretion, and
will depend upon market conditions and other factors.
"We are confident in the long-term strength of our business and
corporate strategy and the repurchase program affirms our view,"
stated Michael Chasen, Blackboard's
Chief Executive Officer.
About Blackboard Inc.
Blackboard Inc. (Nasdaq: BBBB) is a global leader in enterprise
technology and innovative solutions that improve the experience of
millions of students and learners around the world every day.
Blackboard's solutions allow thousands of higher education, K-12,
professional, corporate, and government organizations to extend
teaching and learning online, facilitate campus commerce and
security, and communicate more effectively with their communities.
Founded in 1997, Blackboard is headquartered in Washington, D.C., with offices in North America, Europe, Asia
and Australia.
Any statements in this press release about future
expectations, plans and prospects for Blackboard and other
statements containing the words "believes," "anticipates," "plans,"
"expects," "will," and similar expressions, constitute
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those indicated by such forward-looking statements
as a result of various important factors, including the factors
discussed in the "Risk Factors" section of our Form 10-K filed
on February 18, 2011 with the SEC. In
addition, the forward-looking statements included in this press
release represent the Company's views as of March 1, 2011. The Company anticipates that
subsequent events and developments will cause the Company's views
to change. However, while the Company may elect to update these
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's views as of any date subsequent to
March 1, 2011.
SOURCE Blackboard Inc.