MADISON, Wis. — June 3, 2013 — Sonic Foundry, Inc. (NASDAQ: SOFO), the trusted leader for video content management and webcasting solutions, announced that the company has renewed its line of credit with Silicon Valley Bank. Further, the company announced a stock repurchase program which enables the company to purchase up to $1 million in common stock.
The new agreement with Silicon Valley Bank maintains a maximum availability of $3 million and extends the maturity of the existing line of credit by two years to October 1, 2015. It bears interest at Prime Rate plus .75%, currently 4%.
The company also announced that its board of directors has authorized the company to repurchase up to $1 million of its common stock. Under the plan approved by the board, the shares can be repurchased in the open market or privately negotiated transactions, with the amount and timing depending on a number of factors, including market conditions. The authorization to repurchase shares may be suspended or discontinued at any time.
“The board’s action is a clear sign of its confidence in Sonic Foundry’s ability to continue to grow, generate positive cash flow and provide long-term value to our shareholders,” said Gary Weis, Chief Executive Officer.
About Sonic Foundry®, Inc.
Sonic Foundry (NASDAQ: SOFO) is the global leader for video capture, management and streaming solutions as well as virtual and hybrid events. Trusted by thousands of educational institutions, corporations, health organizations and government entities in over 65 countries, Sonic Foundry’s solutions include Mediasite®, Mediasite Connect, Vidable™ and Global Learning Exchange™.
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