Inteliquent Announces Authorization of Stock Repurchase Program
October 22 2015 - 4:05PM
Inteliquent, Inc. (NASDAQ:IQNT), the carrier for communication
service providers, announced today that its Board of Directors has
authorized the Company to repurchase up to $50 million of shares of
its outstanding common stock as part of a stock repurchase program.
The stock repurchase program will expire in three years. The
Company may repurchase shares through open market, privately
negotiated or block transactions. The Company does not currently
plan to repurchase any stock under the stock repurchase program.
The Company intends to make any stock repurchases in compliance
with the safe harbor provisions of Rule 10b-18 of the Securities
Exchange Act of 1934, as amended. The stock repurchase program will
be subject to market conditions and does not obligate the Company
to repurchase any dollar amount or number of shares of its common
stock. The stock repurchase program may be extended, modified,
suspended or discontinued at any time.
Cautionary Statement Regarding
Forward-Looking Statements
This press release contains "forward-looking statements" that
involve substantial risks and uncertainties. All statements, other
than statements of historical fact, included in this press release
are forward-looking statements. The words "anticipates,"
"believes," "efforts," "expects," "estimates," "projects,"
"proposed," "plans," "intends," "may," "will," "would," and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Actual results or events could differ materially
from the plans, intentions and expectations disclosed in the
forward-looking statements we make. Factors that might cause such
differences include, but are not limited to: the effects of
competition, including direct connects, and downward pricing
pressure resulting from such competition; our regular review of
strategic alternatives; the impact of current and future
regulation, including intercarrier compensation reform enacted by
the Federal Communications Commission; our ability to perform under
the agreement we announced with T-Mobile USA. Inc. on August 17,
2015 (the "PSTN Agreement"), including the risk that the traffic we
carry under the PSTN Agreement will not meet our targets for
profitability, including EBITDA and Adjusted EBITDA, that we incur
damages or similar costs if we fail to meet certain terms in the
PSTN Agreement, or that T-Mobile terminates the PSTN Agreement; the
risk that our costs to perform under the PSTN Agreement will be
higher than we expect;the risks associated with our ability to
successfully develop and market new voice services, many of which
are beyond our control and all of which could delay or negatively
affect our ability to offer or market new voice services; the
ability to develop and provide other new services; technological
developments; the ability to obtain and protect intellectual
property rights; the impact of current or future litigation; the
potential impact of any future acquisitions, mergers or
divestitures; natural or man-made disasters; the ability to
attract, develop and retain executives and other qualified
employees; changes in general economic or market conditions;
matters arising out of or related to the impairment charge and
financial forecasting practices that were the subject of an
investigation by the Company's Audit Committee; and other important
factors included in our reports filed with the Securities and
Exchange Commission, particularly in the "Risk Factors" section of
our Annual Report on Form 10-K for the period ended December 31,
2014 and our Quarterly Report on Form 10-Q for the period ended
March 31, 2015, as such Risk Factors may be updated from time to
time in subsequent reports. Furthermore, such forward-looking
statements speak only as of the date of this press release. We
undertake no obligation to update any forward-looking statements to
reflect events or circumstances after the date of such
statements.
About Inteliquent
Inteliquent is a leading provider of connectivity among
communications service providers. Inteliquent is used by nearly all
national and regional wireless carriers, cable companies and CLECs
in the markets it serves, and its network carries approximately
fifteen billion of minutes of traffic per month. Please visit
Inteliquent's website at www.inteliquent.com and follow us on
Twitter @Inteliquent.
CONTACT: Analyst Contact:
Kurt Abkemeier
investorrelations@inteliquent.com
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