Payment Data Systems Announces Share Repurchase Program
2016年11月2日 - 9:00PM
Payment Data Systems, Inc. (NASDAQ:PYDS), an integrated
electronic payments solutions provider, today announced that its
Board of Directors has authorized the repurchase of up to $1
million of the Company’s common stock from time to time on the open
market, in block transactions, or in privately negotiated
transactions.
The timing of the program can begin as early as November 16,
2016 and will be available until all funds are exhausted, or
September 29, 2019, unless terminated earlier by the Company.
“Payment Data Systems’ management team and Board of Directors
believe our current stock price offers compelling value, and the
repurchase program reflects the confidence we have in our long-term
growth prospects,” stated Louis Hoch, President and CEO of Payment
Data Systems. “We intend to utilize our existing cash and the
ability to generate operating cash flow to fund the repurchase
program, which we believe will create further value for our
shareholders.”
The timing and the amount of any repurchases of common stock
will be determined by Payment Data Systems management based on the
market price of Payment Data Systems’ common stock, evaluation of
market and economic conditions and other factors. Repurchases of
common stock may also be made under a Rule 10b5-1 plan, which would
permit common stock to be repurchased when the Company might
otherwise be precluded from doing so under insider trading laws.
The repurchase program may be suspended or discontinued at any
time. Any repurchased common stock will be available for use in
connection with the Company's stock plans and for other corporate
purposes.
As of June 30, 2016, the Company had unrestricted cash of
approximately $4.4 million and approximately 12 million shares of
common stock outstanding.
About Payment Data Systems, Inc.
Payment Data Systems (NASDAQ:PYDS), a leading integrated payment
solutions provider, offers a wide range of payment solutions to
merchants, billers, banks, service bureaus, and card issuers. The
Company operates credit, debit/prepaid and ACH payment processing
platforms to deliver convenient, world-class payment solutions and
service to their clients. The strength of the Company lies in its
ability to provide tailored solutions for card issuance, payment
acceptance, and bill payments as well as its unique technology in
the prepaid sector. Payment Data is headquartered in San Antonio,
Texas, and has offices in New York, New York; and Long Beach,
California.
For additional information please visit www.paymentdata.com.
Websites: www.akimbocard.com and www.ficentive.com.
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Forward-Looking Statements
Except for the historical information contained herein, the
matters discussed in this release include certain forward-looking
statements, which are intended to be covered by safe harbors. Those
statements include, but may not be limited to, all statements
regarding our and management's intent, belief and expectations,
such as statements concerning our future and our operating and
growth strategy. Investors are cautioned that all forward-looking
statements involve risks and uncertainties including, without
limitation, the factors detailed from time to time in our filings
with the Securities and Exchange Commission. One or more of these
factors have affected, and in the future could affect our
businesses and financial results in the future and could cause
actual results to differ materially from plans and projections. We
believe that the assumptions underlying the forward-looking
statements included in this release will prove to be accurate. In
light of the significant uncertainties inherent in the
forward-looking statements included herein, the inclusion of such
information should not be regarded as a representation by us or any
other person that our objectives and plans will be achieved. All
forward-looking statements made in this release are based on
information presently available to our management. We assume no
obligation to update any forward-looking statements, except as
required by law.
Investor Contacts:
Kristen Papke
Elizabeth Brossy
Financial Profiles, Inc.
PYDS@finprofiles.com
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