Oracle, the business software and hardware company, distances itself from comments made by Charles Phillips, the company's co-president. Phillips said in a Fortune.com report that the company plans to invest $70 billion for acquisitions within the next five years. The executive was said to have made the comments during the Fortune Brainstorm Tech conference in Aspen, Colorado.

"It's early in the game, and there's plenty left to do," Phillips said.

Oracle has since issued a "clarification" on Phillips' reported comments.

"While it is highly unlikely that we will spend anything approaching $70 billion in five years, we will be opportunistic and, if market conditions warrant, we will buy additional companies that further our strategic goals and address our customers' needs," said Karen Tillman, the company's spokeswoman, in a statement.

A recording of Phillips' comments were not immediately available. It is not clear whether he mentioned the $70 billion figure. Oracle is in the process of absorbing Sun Microsystems, its last big acquisition.