May 15, 2009 (FinancialWire) — Rainmaker Systems, Inc.’s (NASDAQ: RMKR) (Current Market Cap: US$21.14 Mil.) board has extended the term of the company’s $3 million stock repurchase program from July 31, 2009 to January 31, 2010.

The company’s board approved the program on July 31, 2008, authorizing the repurchase of up to a maximum of $3 million shares of Rainmaker common stock. The program was initially scheduled to have a one-year term.

Since inception of the program through May 14, Rainmaker has repurchased around 466,000 shares of its common stock at a cost of around $653,000 and at an average purchase price of $1.40 per share. The authorized amount remaining to be repurchased under the program is around $2.347 million.

Campbell, California-based Rainmaker Systems offers sales and marketing solutions, combining hosted application software and execution services.

Rainmaker clients include enterprises in a range of industries, including computer hardware and software, telecommunications, and financial services industries.

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