Mountain View, California. - April 26, 2001 - VeriSign, Inc.
today announced that its Board of Directors has authorized the Company,
from time to time at market prices and as market and business conditions
warrant, to repurchase up to $350 million dollars of the Company's common
stock for cash in open market, negotiated or block transactions. The
Company has approximately 210 million shares outstanding.
A portion of the repurchased shares may be used
for the Company's employee benefit plans, and the balance will be available
for other general corporate purposes. No time limit was set for the
completion of the program.
Stratton Sclavos, the Company's President, noted
that the Board decided to pursue this course of action after a review
of the Company's financial position and investment alternatives. "Under
current market conditions, we have an opportunity to buy back our shares
at what we believe are attractive levels. Our current strong cash position
allows us to implement this repurchase program without adversely impacting
our internal investment plans."
About VeriSign
VeriSign, Inc. (Nasdaq:VRSN)
is the leading provider of trusted infrastructure services to web sites,
enterprises, electronic commerce service providers and individuals.
The company's domain name, digital certificate and payment services
provide the critical web identity, authentication and transaction infrastructure
that online businesses require to conduct secure e-commerce and communications.
VeriSign's services are available through its Web site (www.verisign.com)
or through its direct sales force and reseller partners around the world.
Statements in this announcement other than
historical data and information constitute forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These statements
involve risks and uncertainties that could cause VeriSign's actual results
to differ materially from those stated or implied by such forward-looking
statements. The potential risks and uncertainties include, among others,
VeriSign's limited operating history under its current business structure,
uncertainty of future revenue and profitability and potential fluctuations
in quarterly operating results, increased competition, risks associated
with the company's international business and risks related to potential
security breaches. More information about potential factors that could
affect the company's business and financial results is included in VeriSign's
filings with the Securities and Exchange Commission, especially in the
company's Annual Report on Form 10-K for the year ended December 31,
2000. VeriSign undertakes no obligation to update any of the forward-looking
statements after the date of this press release.
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