Franklin Telecom in Westlake Village announced that its two top officers have purchased stock on the open market to demonstrate their faith in Franklin's future.
Chairman of the board and CEO Frank W. Peters and President Peter S. Buswell each bought additional Franklin Telecommunications Corp. common stock to add to their portfolios.
"I already have the distinction of being Franklin's largest individual shareholder, but in my opinion, with the stock at its current price, it doesn't make sense to not add more," Peters said. "It is ironic that in a year which has seen phenomenal progress at Franklin, various pressures on the stock have resulted in a much lower price than we feel is appropriate."
Buswell has been a board member for several years. He became president of the company, which manufactures communications devices, two months ago.
"It came to my attention that during the last few weeks, several individuals in our engineering and sales departments have bought shares simply because they believe in what we are doing," he said. "It makes such good sense that I am happy to join them by using this very practical way to show my confidence in where we are headed."
Peters purchased 50,000 shares for a total of approximately $60,000; the number of shares purchased by Buswell and the other employees was not disclosed.