MAM Software Group, Inc. (OTC Bulletin Board: MAMS), a leading provider of business automation and ecommerce solutions for the automotive aftermarket, announced that its Board of Directors has authorized an increase in its previously announced stock repurchase plan. The initial plan, which was announced on March 5, 2012, authorized the Company to repurchase up to $1,000,000 of its common stock, which was amended by the Board on May 18, 2012, with an additional increase of $1,000,000, and which was further amended on June 22, 2012, with an additional increase of $2,000,000. The amended plan, which is effective September 28, 2012, authorizes the repurchase of an additional $2,000,000 of the Company’s common stock, for a total of $6,000,000 under the plan. Consistent with the original authorization provided by the Board, stock repurchases may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors, including price, MAM’s cash balances, general business and market conditions, the dilutive effects of share-based incentive plans, alternative investment opportunities and working capital needs. The stock repurchase authorization, which does not require the Company to purchase any specific or minimum number of shares, does not have an expiration date and may be suspended or terminated at any time without prior notice. Repurchased shares will be returned to the status of authorized but un-issued shares of common stock.
As of September 28, 2012, the Company had approximately 13,983,007 shares of common stock outstanding.
About MAM Software Group, Inc.
MAM Software Group, Inc. (OTC Bulletin Board: MAMS) is a supplier of business and ERP supply chain management solutions to automotive parts manufacturers, distributors and retailers. MAM Software Group provides the automotive aftermarket with a combination of business management systems, information products, and online services that together deliver benefits for all parties involved in the timely repair of a vehicle. For further information, please visit http://www.mamsoftwaregroup.com/.