WidePoint Announces $2.5 Million Stock Repurchase Program
October 07 2019 - 9:00AM
The Board of Directors of
WidePoint Corporation (NYSE
American: WYY), the leading provider of Trusted Mobility
Management (TM2) specializing in Telecommunications Lifecycle
Management, Identity Management and Bill Presentment &
Analytics solutions, has authorized the repurchase of up to $2.5
million of the Company's common stock from time-to-time in the open
market, in accordance with Rule 10b-18 under the Securities
Exchange Act of 1934, as amended, or in privately negotiated
transactions pursuant to a newly authorized stock repurchase plan
(the “2019 Repurchase Plan”). The timing and amount of any shares
repurchased under the 2019 Repurchase Plan will be determined by
the Company’s management and will be based on its evaluation of
market conditions and other factors.
The 2019 Repurchase Plan does not obligate the Company to
purchase any particular amount of common stock and may be suspended
or discontinued at any time without prior notice. The 2019
Repurchase Plan is intended to provide the Company with an
effective mechanism for capital management and will be funded using
the Company's operating cash flow or available cash. WidePoint had
approximately 84.8 million shares of common stock outstanding as of
September 18, 2019.
“Due to the health of our business, we are in a prime position
to leverage our positive free cash flow to generate positive
outcomes for our organization and benefit our loyal investor base,”
said Jin Kang, WidePoint CEO. “We have therefore announced a
repurchase program as we believe it is one of the best means
currently available to our organization to return value to all of
our shareholders.”
About WidePointWidePoint Corporation (NYSE
American: WYY) is a leading provider of trusted mobility management
(TM2) solutions, including telecom management, mobile management,
identity management, and bill presentment and analytics. For more
information, visit widepoint.com.
Cautionary Note Regarding Forward-Looking
StatementsThis press release contains forward-looking
statements concerning our expectations for our business operations
and financial performance and condition that are subject to risks
and uncertainties. These forward-looking statements are based on
current expectations, estimates, forecasts and projections about
our business and the industry in which we operate and our
management's beliefs and assumptions. These statements are not
guarantees of future performance or development and involve known
and unknown risks, uncertainties and other factors that are in some
cases beyond our control. All forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially from those that we expected, including those risk
factors set forth in our Annual Report on Form 10-K for the year
ended December 31, 2018 filed with the SEC on March 22, 2019.
We undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
Investor Relations:Gateway Investor
RelationsMatt Glover or Charlie Schumacher949-574-3860,
WYY@gatewayir.com
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