TANKERSLEY, BARNSLEY, England – The board of directors for MAM Software Group has authorized to repurchase of up to $1 million of its common stock, effective May 18. Under the 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 March 5, MAM had approximately 13,430,679 shares of common stock outstanding.
MAM also announced the appointment of Peter Kamin to the board of directors. Kamin is the founder and managing partner of 3K Limited Partnership. For the previous 11 years, Kamin was a founding member and managing partner of ValueAct Capital. Prior to founding ValueAct Capital in 2000, he founded and managed Peak Investment L.P. Peak was a limited partnership, organized to make investments in a select number of domestic public and private companies.
Kamin is currently a director of Abatix Corp, Aldila Inc., Rand Worldwide Inc., Rockford Corp. and several privately held companies. He has previously served as a director of Seitel, Inc., KAR Holdings, LeCroy Corp., Hanover Compressor, Exterran, Sirva Inc., Insurance Auto Auctions Inc., OneSource Information Services Inc., Data Transmission Network, TFC Enterprises, Eskimo Pie, ACME United Corp, Hi-Port Industries, Paragon Technologies Inc., and numerous privately held companies. Kamin holds a BA from Tufts University and an MBA from Harvard’s Graduate School of Business.
Gerald Czarnecki, MAM Software Group Inc.’s chairman stated: "We are very pleased to welcome such a successful businessman and investor to our board. As we continue to grow MAM we look forward to Peter’s participation and input."
Kamin added, "I am looking forward to joining the board, and assisting management and the board to further capitalize on their success in the automotive aftermarket as well as the expansion into other industry verticals."
