GEORGE TOWN, Grand Cayman, Aug. 9, 2010 (GLOBE NEWSWIRE) -- O2Micro® International Limited (Nasdaq:OIIM) (the "Company") today announced that its Board of Directors has approved a program to repurchase the Company's ordinary shares, including ordinary shares represented by American Depositary Shares. Under the terms of the program, the company is authorized to repurchase up to $20 million worth of its ordinary shares as market conditions permit. No date was established for the completion of the share repurchase program. As of August 5, 2010, the company had approximately 33.75 million ordinary shares outstanding.
The repurchase program's terms have been structured to comply with Rule 10b-18 promulgated by the U.S. Securities and Exchange Commission, and the repurchase program is subject to market conditions and applicable legal requirements. Subject to applicable corporate securities laws, repurchases may be made at such times and in such amounts as the Company's management deems appropriate. Purchases under the program can be discontinued at any time the Company's management, in its discretion, feels additional purchases are not warranted. Purchases may be made under a Rule 10b5-1 plan during periods in which the Company may otherwise be prevented from purchasing under insider trading laws or self-imposed blackout periods. The company will finance the repurchase with existing cash reserves and funds from operations.
About O2Micro
Founded in April 1995, O2Micro develops and markets innovative power management and security components for the Computer, Consumer, Industrial, and Communications markets. Products include Intelligent Lighting, Battery Management, Power Management, and SmartCardBus® products.
O2Micro International maintains an extensive portfolio of intellectual property with approximately 14,483 patent claims granted, and over 16,000 more pending. The company maintains offices worldwide. Additional company and product information can be found on the company website at www.o2micro.com.
O2Micro, the O2Micro logo, SmartCardBus, and combinations thereof are registered trademarks of O2Micro. All other trademarks are the property of their respective owners.
The O2Micro International Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6567
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include information regarding the company's expectations, goals or intentions regarding the future, including but not limited to statements regarding the company's anticipated share repurchases. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Among the factors that could cause actual results to differ materially are changes in the company's share price and trading volume, liquidity needs or market fluctuations. Additional risk factors that could cause actual results to differ are discussed in the company's Form 20‑F for the fiscal year ended December 31, 2009 on file with the Securities and Exchange Commission. All forward-looking statements in this release are made as of the date hereof and the company assumes no obligation to update any forward-looking statement.