In the company’s news today,
eLandia International, Inc. (ELAN.OB) announced plans to repurchase up to 3% of the company’s outstanding common stock, representing some 1,200,000 shares. The company’s strong cash position (approximately $52 million) and current low share price helped prompt the decision by the board of directors.
Pete Pizarro, Chairman and CEO of eLandia, provided further insight into the move, as well as on the company’s direction, “It reflects the confidence that the board and the management have in eLandia as we continue to fulfill our strategic priority of satisfying the growing demand for Information and Communications Technology (ICT) services, Technology Integration, Education and Infrastructure Services among enterprises in emerging markets, particularly in Latin America.”
eLandia has over 3,000 business customers in 18 countries, primarily in Latin America, the Caribbean, and the South Pacific, delivering an array of ICT services. The company helps its customers build infrastructure and networking technologies, as well as develop a highly qualified local workforce, so they can better integrate into the global economy. eLandia’s family of companies includes 1,300 employees and touches more than 20,000 consumers. They consider their business model to be a unique, replicable platform combining integration, infrastructure, and educational elements, to enable these markets to transform.
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