Glowpoint Announces Authorization of Stock Buyback Program
July 23 2018 - 7:00AM
Glowpoint, Inc. (NYSE American:GLOW) (“Glowpoint” or the
“Company”), a managed service provider of video
collaboration and network applications, announced today that
its Board of Directors has authorized a stock buyback program (the
“Program”) to repurchase up to $750,000 of the Company’s common
stock.
Share repurchases under the Program may be funded using the
Company’s existing cash balance or future cash flows. The
Company’s cash balance as of June 30, 2018 was approximately $2.7
million. Future share repurchases under the Program may be
made in the open market, in privately negotiated transactions, or
pursuant to other means determined by the Company, in each case as
permitted by securities laws and other legal requirements.
The number of shares purchased under the Program and the timing of
any purchases may be based on many factors, including the level of
the Company’s available cash, general business conditions, and the
pricing of the Company’s common stock. The Program does not
obligate the Company to acquire a specific number of shares and may
be suspended, modified, or terminated at any time. The Company may
enter into Rule 10b5-1 trading plans from time to time under the
Program.
“I’m pleased to announce our Board’s authorization of a stock
buyback program as this provides us the flexibility to make
opportunistic share repurchases when appropriate in the
future. Our balance sheet, with $2.7 million of cash and no
debt as of June 30, 2018, affords us the ability to make share
repurchases in the future that we believe are in the best interest
of the Company and our stockholders,” said Glowpoint President and
CEO Peter Holst.
About GlowpointGlowpoint, Inc. (NYSE
American:GLOW) is a managed service provider of video collaboration
and network applications. Our services are designed to provide a
comprehensive suite of automated and concierge applications to
simplify the user experience and expedite the adoption of video as
the primary means of collaboration. Our customers include
Fortune 1000 companies, along with small and medium sized
enterprises in a variety of industries. To learn more please
visit www.glowpoint.com.
Forward looking and cautionary statementsThis
press release and any oral statements made regarding the subject of
this release contain forward-looking statements as defined under
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and are
made under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements, other than
statements of historical facts, that address activities that
Glowpoint assumes, plans, expects, believes, intends, projects,
estimates or anticipates (and other similar expressions) will,
should or may occur in the future are forward-looking
statements. The forward-looking statements are based on
management’s current belief, based on currently available
information, as to the outcome and timing of future events, and
involve factors, risks, and uncertainties that may cause actual
results in future periods to differ materially from such
statements. A list and description of these and other risk
factors can be found in the Company’s Annual Report on Form 10-K
for the year ending December 31, 2017 and in other filings made by
the Company with the SEC from time to time, including the Company’s
Quarterly Report on Form 10-Q for the three months ended March 31,
2018. Any of these factors could cause Glowpoint’s actual
results and plans to differ materially from those in the
forward-looking statements. Therefore, Glowpoint can give no
assurance that its future results will be as estimated.
Glowpoint does not intend to, and disclaims any obligation to,
correct, update or revise any information contained herein.
INVESTOR CONTACT: Investor Relations Glowpoint,
Inc. +1 303-640-3840 investorrelations@glowpoint.com
www.glowpoint.com
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