Not long ago, complex interconnection services provider FiberNet Telecom Group (ftgx.com) pronounced that its board of directors has authorized the repurchase of up to $5 million of the company's common stock, either through open market purchases or in private transactions.

The timing and amount of the shares to be repurchased will be based on market conditions, the business environment, corporate and regulatory requirements and other factors, including the availability of capital resources and alternative investment opportunities. FiberNet will finance the repurchase program with cash flow from operations and a new term loan facility under its existing credit agreement.

Jon A. DeLuca, president and CEO of FiberNet, said: "Our strong financial performance and balance sheet enable us to return value to our shareholders and to continue to invest in growing our business, as part of a balanced capital allocation program. This stock repurchase initiative is an element of our strategy to increase shareholder value over the long term, which may also include other potential strategic alternatives, such as acquisitions or the sale of all or a portion of our business."

The repurchase program is set to end on December 31, 2008, and may be changed or discontinued at any time and without notice. Purchases may be made according to a program adopted under Rule 10b5-1 of the Securities Exchange Act. FiberNet is not obligated to purchase any shares or any specific number or amount of shares.