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eLandia International, Inc. (ELAN) To Repurchase Over 1 Million Shares
10/10/08
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eLandia International, Inc. (ELAN: Summary, Messages, Articles), a Florida based information and communications technology company, has announced plans to repurchase up to 3% of the company’s outstanding common stock, representing some 1,200,000 shares. The company’s strong cash position (approximately $52 million) and current low share price helped prompt the decision by the board of directors.
Pete Pizarro, Chairman and CEO of eLandia, provided further insight into the move, as well as on the company’s direction, “It reflects the confidence that the board and the management have in eLandia as we continue to fulfill our strategic priority of satisfying the growing demand for Information and Communications Technology (ICT) services, Technology Integration, Education and Infrastructure Services among enterprises in emerging markets, particularly in Latin America.”
eLandia (www.eLandiaGroup.com) is a leading technology enabler of emerging markets, based on the belief that globalization has created unprecedented growth opportunities in emerging markets. These markets, such as Latin America, are expanding faster than developed economies, generating major demands for information and communications technology (ICT) and associated infrastructure. But eLandia also sees ICT as a catalyst for transforming business and economies in these markets, and this is a key driver behind their growth strategy. The company plans to continue expanding their presence in Latin America and the Caribbean, with the goal of being a leading technology enabler in those regions.
eLandia has over 3,000 business customers in 18 countries, primarily in Latin America, the Caribbean, and the South Pacific, delivering an array of ICT services. The company helps its customers build infrastructure and networking technologies, as well as develop a highly qualified local workforce, so they can better integrate into the global economy. eLandia’s family of companies includes 1,300 employees and touches more than 20,000 consumers. They consider their business model to be a unique, replicable platform combining integration, infrastructure, and educational elements, to enable these markets to transform.
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