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Tech Industry

NYC firm execs planning stock purchase

New York-based Digitec 2000 said Friday that several executives and board members planned to purchase up to 10 percent of the company's outstanding common stock shares. Insiders already own approximately 39 percent of the issued and outstanding common stock of the company. The insiders' purchase comes as an increasing number of technology companies look for ways to inflate stock prices and insulate stock from volatility amid a sagging market--with some companies going so far as pulling the stock from public markets. Digitec, a telecommunications company, issued a statement Friday noting that the purchase is for "investment purposes" and "not part of any plan or proposal to effect a material change in the company's management, corporate structure or policy."

    New York-based Digitec 2000 said Friday that several executives and board members planned to purchase up to 10 percent of the company's outstanding common stock shares. Insiders already own approximately 39 percent of the issued and outstanding common stock of the company.

    The insiders' purchase comes as an increasing number of technology companies look for ways to inflate stock prices and insulate stock from volatility amid a sagging market--with some companies going so far as pulling the stock from public markets. Digitec, a telecommunications company, issued a statement Friday noting that the purchase is for "investment purposes" and "not part of any plan or proposal to effect a material change in the company's management, corporate structure or policy."