SAN ANTONIO, May 13, 2022 (GLOBE NEWSWIRE) — Usio, Inc: (USIO, Financial), a leading provider of FinTech integrated payment solutions, today announced that its Board of Directors has authorized the repurchase of up to $4 million of common stock in the company from time to other on the open market, in block transactions or in over-the-counter transactions.
The program can begin as early as May 16, 2022 and will be available until funds are exhausted or until May 15, 2025, unless terminated early by the Company.
“Usio’s management team and Board of Directors believe that our current stock price does not reflect our rapid growth which has generated seven consecutive quarters of revenue growth, enhanced our long-term growth potential and does not does not reflect a reasonable current valuation relative to comparable companies in the Fintech and payments industry,” said Louis Hoch, President and CEO of Usio. “We intend to use our existing cash and our ability to generate adjusted operating cash flow to fund the buyback program, which we believe is our current best use of cash to create value for our shareholders.”
The timing and amount of any repurchase of common stock will be determined by Usio’s management based on the market price of Usio’s common stock, an assessment of economic and market conditions and other factors. Repurchases of common stock may also be made under a plan under Rule 10b5-1, which would allow common stock to be repurchased when the Company might otherwise be prevented from doing so under tort laws. insiders. The buyback program may be suspended or terminated at any time.
As of March 31, 2022, the Company had unrestricted cash of approximately $7.6 million.
The Company had approximately 25.3 million common shares outstanding as of March 31, 2022.
About Usio, Inc.
Usio, Inc. (USIO, Financial), a leading provider of integrated FinTech payment solutions, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, crypto exchanges and card issuers. The company operates credit, debit/prepaid and ACH payment processing platforms to provide its customers with convenient, world-class payment solutions and services. With the acquisition of the assets of IMS in December 2020, the Company now offers additional services related to electronic bill presentment, document composition, document breakdown, and printing and mailing services. The Company’s strength lies in its ability to provide tailor-made solutions for card issuance, payment acceptance and bill payment as well as its unique technology in the prepaid sector. Usio is headquartered in San Antonio, Texas, with offices in Austin, Texas and Franklin, Tennessee, just outside of Nashville. Websites: www.usio.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com. Find us on Facebook® and Twitter.
DISCLAIMER OF FORWARD-LOOKING STATEMENTS
Except for historical information contained in this release, the matters discussed in this release include forward-looking statements that are covered by safe harbors. These statements include, but are not limited to, all statements regarding management’s intent, beliefs and expectations, such as statements regarding our future and our operating and growth strategy. These forward-looking statements are identified by the use of words such as “believe”, “intend”, “look into the future”, “anticipate”, “plan” and “expect”, among others. . are subject to certain risks and uncertainties inherent in the business of the Company that could cause actual results to vary, including risks related to an economic downturn resulting from the COVID-19 pandemic, the realization of opportunities from the acquisition of IMS , management of Company growth, loss of key resellers, relationships with the Automated Clearinghouse network, banking sponsors, third-party card processing providers and merchants, security of our software, hardware and information, share price volatility, the need to obtain additional financing, risks associated with new tax legislation and compliance with complex federal, state and local laws and regulations, and other risks detailed from time to time in the Company filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the fiscal year ended December 31, 2021. One or more of these factors has affected, and may in the future, affect the Company’s business and financial results in the future and could cause actual results to differ materially from plans and projections. The Company believes that the assumptions underlying the forward-looking statements included in this release will prove to be accurate. In light of the material uncertainties inherent in the forward-looking statements included herein, the inclusion of this information should not be construed as a representation by us or anyone else that the objectives and plans will be achieved. All forward-looking statements made in this release are based on information currently available to management. The Company undertakes no obligation to update forward-looking statements, except as required by law.
Joe Hassett, Investor Relations