SAN ANTONIO, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (NASDAQ:PYDS), an integrated electronic payments solutions provider, today announced that its Board of Directors has authorized the repurchase of up to $1 million of the Company’s common stock from time to time on the open market, in block transactions, or in privately negotiated transactions.
The timing of the program can begin as early as November 16, 2016 and will be available until all funds are exhausted, or September 29, 2019, unless terminated earlier by the Company.
“Payment Data Systems’ management team and Board of Directors believe our current stock price offers compelling value, and the repurchase program reflects the confidence we have in our long-term growth prospects,” stated Louis Hoch, President and CEO of Payment Data Systems. “We intend to utilize our existing cash and the ability to generate operating cash flow to fund the repurchase program, which we believe will create further value for our shareholders.”
The timing and the amount of any repurchases of common stock will be determined by Payment Data Systems management based on the market price of Payment Data Systems’ common stock, evaluation of market and economic conditions and other factors. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased common stock will be available for use in connection with the Company's stock plans and for other corporate purposes.
As of June 30, 2016, the Company had unrestricted cash of approximately $4.4 million and approximately 12 million shares of common stock outstanding.
About Payment Data Systems, Inc.
Payment Data Systems (NASDAQ:PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid and ACH payment processing platforms to deliver convenient, world-class payment solutions and service to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data is headquartered in San Antonio, Texas, and has offices in New York, New York; and Long Beach, California.
For additional information please visit www.paymentdata.com. Websites: www.akimbocard.com and www.ficentive.com. Find us on Facebook®.
Forward-Looking Statements
Except for the historical information contained herein, the matters discussed in this release include certain forward-looking statements, which are intended to be covered by safe harbors. Those statements include, but may not be limited to, all statements regarding our and management's intent, belief and expectations, such as statements concerning our future and our operating and growth strategy. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, the factors detailed from time to time in our filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our businesses and financial results in the future and could cause actual results to differ materially from plans and projections. We believe that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved. All forward-looking statements made in this release are based on information presently available to our management. We assume no obligation to update any forward-looking statements, except as required by law.