MeetMe Announces $15 Million Share Repurchase Program
September 06 2016 - 9:00AM
Business Wire
MeetMe, Inc. (NASDAQ: MEET), a public market leader for social
discovery, announced today that its board of directors has approved
a one year share repurchase program that enables the company to
purchase up to $15 million of its shares of common stock from time
to time in the open market or through negotiated transactions.
Share purchases will be funded from cash from operations.
“With significant free cash flow being generated through our
successful business model, we believe our stock is undervalued and
the repurchase of our shares is an efficient use of our excess
capital and will enhance shareholder value,” said Geoff Cook, Chief
Executive Officer of MeetMe. “We believe the share repurchase
program is supported by our growing scale and increased
profitability. The strength of our balance sheet gives us the
confidence and flexibility to execute this program and the Skout,
Inc. acquisition for the benefit of our shareholders.”
Repurchases under MeetMe’s program will be made in the open
market or through privately negotiated transactions intended to
comply with the Securities and Exchange Commission Rule 10b-18,
subject to market conditions, applicable legal requirements, and
other relevant factors. The share repurchase program does not
obligate the Company to acquire any particular amount of common
stock, and it may be suspended at any time at the Company’s
discretion. MeetMe had approximately 54.4 million shares of common
stock outstanding as of August 31, 2016.
About MeetMe, Inc.
MeetMe® is a leading social network for meeting new people in
the US and a public market leader for social discovery (NASDAQ:
MEET). MeetMe makes it easy to discover new people to chat with on
mobile devices. With approximately 90 percent of traffic coming
from mobile and more than one million total daily active users,
MeetMe is fast becoming the social gathering place for the mobile
generation. MeetMe is a leader in mobile monetization with a
diverse revenue model comprising advertising, native advertising,
virtual currency, and subscription. MeetMe apps are available on
iPhone, iPad, and Android in multiple languages, including English,
Spanish, Portuguese, French, Italian, German, Chinese (Traditional
and Simplified), Russian, Japanese, Dutch, Turkish and Korean. For
more information, please visit meetmecorp.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements regarding the anticipated
amount and timing of share repurchases, whether any such
repurchases will occur, whether shares will be repurchased in the
open market or through negotiated transactions, whether we will
continue to generate significant free cash flow, whether our
business model will continue to be successful, whether the
repurchase of shares will be an efficient use of capital and
enhance shareholder value, whether the share repurchase program
will continue to be supported by our growing scale and increased
profitability, whether the strength of our balance sheet will give
us flexibility to execute the share repurchase program and the
Skout, Inc. acquisition, and whether repurchases will comply with
Securities and Exchange Commission Rule 10b-18. All statements
other than statements of historical facts contained herein are
forward-looking statements. The words “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “could,”
“target,” “potential,” “project,” “is likely,” “expect” and similar
expressions, as they relate to us, are intended to identify
forward-looking statements. We have based these forward-looking
statements largely on our current expectations and projections
about future events and financial trends that we believe may affect
our financial condition, results of operations, business strategy
and financial needs. Important factors that could cause actual
results to differ from those in the forward-looking statements
include the risk that our applications will not function easily or
otherwise as anticipated, the risk that we will not launch
additional features and upgrades as anticipated, the risk that
unanticipated events affect the functionality of our applications
with popular mobile operating systems, any changes in such
operating systems that degrade our mobile applications’
functionality and other unexpected issues which could adversely
affect usage on mobile devices. Further information on our risk
factors is contained in our filings with the Securities and
Exchange Commission (“SEC”), including the Form 10-K for the year
ended December 31, 2015 and the Form 10-Q for the quarter ended
June 30, 2016. Any forward-looking statement made by us herein
speaks only as of the date on which it is made. Factors or events
that could cause our actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160906005148/en/
Investor Contact:MKR Group Inc.Todd Kehrli or Jim
Byers(323) 468-2300meet@mkr-group.com
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