PFSweb Announces Stock Repurchase Program; Board Approves Buyback of Up to $1 Million
December 16 2011 - 8:15AM
Business Wire
PFSweb, Inc. (Nasdaq: PFSW), an international provider of
end-to-end eCommerce solutions, today announced a board approved
stock repurchase program. In a vote of confidence in the Company’s
future, the directors of PFSweb, Inc (Nasdaq: PFSW) have authorized
the repurchase of up to $1 million of the outstanding shares of its
common stock.
“The Board of Directors believes that the Company’s common stock
is undervalued in the marketplace and represents an excellent
investment at its recent trading price,” said Mark Layton, Chairman
and Chief Executive Officer of PFSweb. “This share repurchase
program clearly demonstrates the confidence of the directors and
management in the long-term prospects of the Company and is
consistent with the Company’s continuing efforts to enhance
shareholder value. Upon completion of the Stock Repurchase Program,
the Company may authorize additional repurchases.”
The Board of Directors approved the buyback of an aggregate
amount of shares not to exceed $1 million. The Company currently
has 12.8 million shares outstanding. The Company may repurchase the
shares, from time to time, in the open market or in privately
negotiated transactions in compliance with the Securities and
Exchange Commission’s Rule 10-b-18, subject to market conditions,
applicable legal requirements and other factors, and may terminate
the program at any time.
About PFSweb Inc.
Iconic brands engage PFSweb to enable their eCommerce
initiatives. PFSweb’s End2End eCommerce® solution includes
interactive marketing services, robust eCommerce technology, global
fulfillment and logistics, high-touch customer care, financial
services, and order management. PFSweb’s eCommerce solutions
provide international reach and expertise in both
direct-to-consumer and business-to-business initiatives, supporting
organizations across multiple industries including Procter &
Gamble, LEGO, Carter’s, Lucky Brand Jeans, kate spade new york,
Juicy Couture, AAFES, Riverbed, Ricoh, Hawker Beechcraft Corp,
Roots Canada Ltd. and Xerox. PFSweb is headquartered in Plano, TX
with additional locations in Tennessee, Mississippi, Canada,
Belgium, and the Philippines.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the
company’s website at http://www.PFSweb.com
The matters discussed herein consist of forward-looking
information under the Private Securities Litigation Reform Act of
1995 and is subject to and involves risks and uncertainties, which
could cause actual results to differ materially from the
forward-looking information. PFSweb's Annual Report on Form 10-K
for the year ended December 31, 2010 and Quarterly Report on Form
10-Q for the three and nine months ended September 30, 2011
identify certain factors that could cause actual results to differ
materially from those projected in any forward looking statements
made and investors are advised to review the Annual and Quarterly
Reports and the Risk Factors described therein. PFSweb undertakes
no obligation to update publicly any forward-looking statement for
any reason, even if new information becomes available or other
events occur in the future. There may be additional risks that we
do not currently view as material or that are not presently
known.
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