SAN MATEO, Calif., May 30 /PRNewswire/ -- Eloquent, Inc. (Nasdaq: ELOQ)
today announced that its Board of Directors has approved a stock repurchase
program to purchase, at present, up to 250,000 shares of the company's common
stock. Shares will be purchased under the program from time to time in the
open market or in private transactions, subject to market conditions. The
company will exercise discretion in implementing this repurchase program.
"Eloquent's stock is currently trading at levels that we believe are
significantly below fair market value, especially for a company with a cash
and short term investments balance exceeding $30 million," said Cliff Reid,
CEO, Eloquent, Inc. "The stock buyback program reflects the Board's
confidence in the company's market position and long term prospects."
About Eloquent, Inc.
Eloquent (Nasdaq: ELOQ) develops rich media communications products aimed
at the product launch market that dramatically improve an organization's
ability to disseminate accurate and critical information to globally dispersed
audiences in a cost-effective and timely manner. A pioneer in the enterprise
streaming and rich media industry since 1995, Eloquent has developed a rich
media communications platform that delivers application-specific
communications products across the Internet, corporate intranet or extranet.
For more information, please visit the company's Web site at
http://www.eloquent.com .
Except for historical information, all of the expectations and assumptions
contained in the foregoing are forward-looking statements involving risks and
uncertainties. Important factors that could cause actual results to differ
materially from such forward-looking statements include, but are not limited
to, competition in our markets and for qualified personnel, timing of customer
orders and technological change. For additional information regarding these
and other risks, refer to Eloquent's Report on Form 10-Q for the quarter ended
March 31, 2001, on file with the Securities and Exchange Commission.
Eloquent and the Eloquent logo are trademarks of Eloquent, Inc.
SOURCE Eloquent, Inc.
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Related links:
http://www.eloquent.com
CONTACT:
John Curson, Chief Financial Officer of
Eloquent, Inc., 650-294-6500; or Investor Relations, General, Pam
Roberts, Analysts, Allison Parker, or Financial Media, Dawn
Swidorski, all of The Financial Relations Board, 415-986-1591
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