ePlus Announces Change to Stock Repurchase Program
Authorized Maximum Increased to $12 million
HERNDON, VA - May 7, 2004 - ePlus Inc. (Nasdaq NM: PLUS - news) announced today
that its board of directors has approved an increase, from $7,500,000 to
$12,000,000, of the maximum total cost of shares purchased under the current
stock repurchase plan. The plan, which commenced on October 1, 2003, authorizes
the repurchase from time to time of up to 3,000,000 shares of its outstanding
common stock over a period ending no later than September 30, 2004. The
purchases may be made in the open market or in privately negotiated
transactions, subject to availability, at prices deemed appropriate by
management. The repurchased shares will have the status of treasury shares and
may be used, when needed, for general corporate purposes.
Since the commencement of the current plan, and prior to the increase
authorization, ePlus had acquired more than 533,500 shares for total
consideration of $7.47 million. As of May 5, 2004, there were 8,913,958 million
shares of common stock outstanding.
About ePlus inc.
A leading provider of Enterprise Cost Management, ePlus provides a comprehensive
solution to reduce the costs of purchasing, owning, and financing goods and
services. ePlus Enterprise Cost Management (eECM) packages business process
outsourcing, eProcurement, asset management, product and catalog content
management, supplier enablement, strategic sourcing, financial services and
document access and collaboration into a single integrated solution, all based
on ePlus' leading business application software. Profitable since inception in
1990, the company is headquartered in Herndon, VA, and has more than 30
locations in the U.S. For more information, visit www.eplus.com, call
888-482-1122 or email info@eplus.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release, which are not historical facts, may be
deemed to be "forward-looking statements". Actual and anticipated future results
may differ materially due to certain risks and uncertainties, including, without
limitation, the existence of demand for, and acceptance of, our services; our
ability to adapt our services to meet changes in market developments; the impact
of competition in our markets; the possibility of defects in our products or
catalog content data; our ability to hire and retain sufficient personnel; our
ability to protect our intellectual property; the creditworthiness of our
customers; our ability to raise capital and obtain non-recourse financing for
our transactions; our ability to realize our investment in leased equipment; our
ability to reserve adequately for credit losses; fluctuations in our operating
results; our reliance on our management team; and other risks or uncertainties
detailed in our Securities and Exchange Commission filings.
Contact: Steve Mencarini, CFO Kley Parkhurst, SVP
Tel: (703) 810-2596 Tel: (703) 709-1924
smencarini@eplus.com kparkhurst@eplus.com
703-810-2596 703-709-1924