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ORBCOMM announces share buyback program

ORBCOMM Inc.'s board has authorized the company to repurchase up to $25 million of its outstanding common stock.

The share buyback program has a duration of one year.

Repurchases under the stock repurchase program will be funded from the company's existing cash and cash equivalents, according to a company release. Under the program, ORBCOMM may purchase shares of its common stock through various means, including open market transactions, privately negotiated transactions and open market repurchases of common stock under certain conditions.