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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): October 14, 1999
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ODS NETWORKS, INC.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State of Other Jurisdiction of Incorporation)
000-20191 75-1911917
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(Commission File Number) (IRS Employer
Identification No.)
1101 East Arapaho Road, Richardson, Texas 75081
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(Address of Principal Executive Offices) (Zip Code)
(972) 234-6400
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(Registrant's Telephone Number, Including Area Code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On October 14, 1999, the Registrant announced that its Board of
Directors authorized the repurchase of up to one million shares of its common
stock. The text of Registrant's press release announcing the share repurchase
program is attached hereto as Exhibit 99.1 and is incorporated herein by
reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED: Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION. Not applicable.
(c) EXHIBITS.
99.1 Text of press release of the Registrant, dated
October 14, 1999, announcing the authorization of a
share repurchase program.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ODS NETWORKS, INC.
Dated: October 14, 1999 By: /s/ Timothy W. Kinnear
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Timothy W. Kinnear,
Chief Operating Officer
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EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION OF EXHIBIT
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<S> <C>
99.1 Text of press release of the Registrant, dated
October 14, 1999, announcing the authorization of a
share repurchase program.
</TABLE>
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FOR IMMEDIATE RELEASE
CONTACTS:
INVESTOR CONTACT: MEDIA CONTACT:
Charleigh Shayne Billy Austin
Director, Investor Relations Vice President, Marketing
(972) 664-8061 (972) 664-8040
ODS NETWORKS, INC. ANNOUNCES BOARD AUTHORIZATION
OF
STOCK REPURCHASE PROGRAM
Richardson, Texas - October 14, 1999 - ODS Networks, Inc. (NASDAQ: ODSI) ("ODS")
today announced that its Board of Directors authorized a stock repurchase
program under which up to 1.0 million shares of ODS' outstanding common stock
may be acquired in the open market over the next 12 months at the discretion of
management.
Under the program, the purchases will be funded from available working capital,
and the repurchased shares will be held in treasury or used for ongoing stock
issuances such as issuances under employee stock plans. As of September 30,
1999, ODS had approximately 18.6 million shares outstanding.
Chairman and Chief Executive Officer G. Ward Paxton remarked, "The Board's
approval of this program reflects our confidence in ODS' future. Repurchasing
stock is one means of underscoring our commitment to enhancing stockholder
value."
ABOUT ODS NETWORKS, INC.
ODS Networks, Inc. is a leading provider of high-performance network and data
security solutions. ODS products are used worldwide by government agencies and
private and public companies. ODS provides leading edge software and hardware
solutions that address the network's most demanding bandwidth and security
challenges. Additional information about ODS is available at http://www.ods.com.
