Rentrak Reduces Outstanding Shares by 1.5 Million20 Sep, 2001 By: Hive News
Rentrak Corporation reported Wednesday that its former chairman and c.e.o. surrendered 1,495,750 shares of Rentrak stock obtained through the exercise of stock options in September of last year. The surrendered shares were purchased with financing made available by the company through an executive loan program. Pursuant to the loanagreement, the loan balance has been canceled, the company said.
Paul A. Rosenbaum, Rentrak's chairman and c.e.o., said, "As we indicated at the beginning of the fiscal year,we expected to substantially reduce outstanding shares this year. We began the fiscal year with approximately 12.2 million common shares outstanding and have reduced that number toapproximately 9.6 million outstanding shares through the surrender of these shares and previously announced repurchases. We also bought back shares in the open market on Sept. 17 whentrading resumed after the terrorist attacks in New York City."
"We have made substantial progress in efforts to position ourselves as a key player for processingrevenue-sharing transaction data across the full spectrum of delivery media. We expect to be in position by year-end, at the latest, to announce testing applications of our new software thatcaptures, processes and reports transaction data for any entertainment software delivered digitally or nondigitally to a consumer, including movies, specialevents, computer games and music," Rosenbaum added.