HeartCore Authorizes $3.5 Million Share Repurchase Program
June 08 2022 - 8:30AM
HeartCore Enterprises, Inc., (“HeartCore” or the
“Company”), a leading software development company, today
announced that its Board of Directors has authorized a share
repurchase program pursuant to which the Company may repurchase up
to $3.5 million of its outstanding shares of common stock.
“The authorization of this share repurchase program
reflects our leadership’s confidence in the trajectory of the
organization and our ability to generate long-term shareholder
value,” said CEO Sumitaka Yamamoto. “With the continuous growth of
our core CMS and Digital Transformation businesses, supplemented by
our latest Go IPO consulting service, we believe we are poised for
a strong 2022 as we look to expand our footprint across Japan and
the international markets. With the momentum we’ve generated so
far, we strongly believe there is a disconnect between our current
share price and the fair value of our common stock, based on what
we believe to be HeartCore’s future earnings potential.”
The Board authorized the Company to purchase its
common stock from time to time on a discretionary basis through
open market purchases, privately negotiated transactions or other
means, including trading plans intended to qualify under Rule
10b5-1, in accordance with applicable federal securities laws and
other applicable legal requirements. The Company expects to fund
these repurchases through existing cash balances. Decisions
regarding the amount and the timing of purchases under the program
will be influenced by the Company’s cash on hand, cash flows from
operations, general market conditions and other factors. HeartCore
is not obligated to acquire any particular amount of its common
stock. This program has no set termination date and may be
suspended or discontinued by its Board of Directors at any
time.
About HeartCore Enterprises,
Inc.Headquartered in Tokyo, Japan, HeartCore Enterprises
is a leading software development company offering Software as a
Service (SaaS) solutions to enterprise customers in Japan and
worldwide. The Company also provides data analytics services that
allow enterprise businesses to create tailored web experiences for
their clients through best-in-class design. HeartCore’s customer
experience management platform (CXM Platform) includes marketing,
sales, service and content management systems, as well as other
tools and integrations, which enable companies to enhance the
customer experience and drive engagement. HeartCore also operates a
digital transformation business that provides customers with
robotics process automation, process mining and task mining to
accelerate the digital transformation of enterprises. Additional
information about the Company’s products and services is available
at www.heartcore.co.jp and https://heartcore-enterprises.com/.
Forward-Looking Statements
This press release contains “forward-looking
statements.” Such statements can be identified by words such as
“outlook,” “expect,” “convert,” “believe,” “plan,” “future,” “may,”
“should,” “will,” and similar references to future periods.
Forward-looking statements include express or implied statements
regarding the timing, price and amount of potential repurchases of
our common stock, our expected financial and operating results, the
size of our market opportunity, the success of our new products and
capabilities, the impact of COVID-19 and vaccines on the way people
do business, and other statements regarding our ability to achieve
our business strategies, growth, or other future events or
conditions. Such statements are based on our current beliefs,
expectations, and assumptions about future events or conditions,
which are subject to inherent risks and uncertainties, including
our ability to sustain our recent revenue growth rate, attract new
customers and expand sales to existing customers; fluctuation in
our performance, our history of net losses and expected increases
in our expenses; competition in our markets and any decline in
demand for our solutions; our ability to expand our sales and
marketing capabilities and otherwise manage our growth; the impact
of the COVID-19 pandemic; disruptions or other issues with our
technology or third-party services; compliance with data privacy,
import and export controls, customs, sanctions and other laws and
regulations; intellectual property matters; and matters relating to
our common stock, along with the other risks and uncertainties
discussed in the filings we make from time to time with the
Securities and Exchange Commission. Actual results may differ
materially from those indicated in forward-looking statements, and
you should not place undue reliance on them. All statements herein
are based only on information currently available to us and speak
only as of the date hereof. Except as required by law, we undertake
no obligation to update any such statement.
HeartCore Investor Relations
Contact: Gateway Group, Inc.Matt Glover and John
YiHTCR@gatewayir.com(949) 574-3860
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