Echelon Corporation Announces Extension to Stock Repurchase Program
(San Jose, CA - February 9, 2007) - Echelon Corporation (NASDAQ: ELON) announced today that its board of directors has authorized an extension to March 31, 2008 of the stock repurchase program set to expire on March 12, 2007. The program, which the Company initiated on September 1st, 2004, authorizes the repurchase of up to 3,000,000 shares of the Company's Common Stock. The extension will now allow the Company to continue its repurchase activity through March 31, 2008. As of February 8, 2007, the Company had repurchased approximately 2,204,184 shares of its Common Stock under the repurchase program.
About Echelon Corporation
Echelon Corporation (NASDAQ: ELON) is a pioneer and world leader in control networking — networks that connect machines and other electronic devices — for the purpose of sensing, monitoring and controlling the world around us. Echelon is based in San Jose, California, with offices in China, France, Germany, Italy, Hong Kong, Japan, Korea, The Netherlands, and the United Kingdom. Further information regarding Echelon can be found at http://www.echelon.com.
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Echelon and the Echelon logo are registered trademarks of Echelon Corporation registered in the United States and other countries..
This press release may contain statements relating to future plans, events or performance. Such statements may involve risks and uncertainties, including risks associated with uncertainties pertaining to the price at which Echelon may repurchase its common stock under the repurchase program, the market for Echelon's stock, the timing and level of customer orders, demand for products and services, acceptance of Echelon's products for use in home networks, development of markets for Echelon's products and services, and other risks identified in Echelon's SEC filings. Actual results, events and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Echelon undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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