WEX Board of Directors Authorizes New Stock Repurchase Program
September 26 2017 - 6:30AM
Business Wire
Authorization Provides Flexibility to
Repurchase up to $150 Million of Company Stock
WEX Inc. (NYSE:WEX) a leading provider of corporate payment
solutions, today announced that the board of directors has
authorized a share repurchase program under which up to $150
million worth of the company's common stock may be repurchased.
Repurchases may be made from time to time until September 30,
2021 through open market purchases, privately negotiated
transactions, block trades or otherwise. Repurchases are subject to
the availability of stock, prevailing market conditions, trading
price of the stock and the Company's financial performance. The
repurchase program does not obligate the Company to acquire any
specific number of shares and may be discontinued or suspended at
any time. The Company is not scheduled to acquire any shares at
this time. All instructions for the repurchase of shares under this
program must be in compliance with Rule 10b-18 and the covenants of
any credit facility or indentures then outstanding. Purchases may
be executed utilizing the safe harbor provisions of Rule 10b5-1 of
the Securities Exchange Act.
Forward Looking Statement Disclaimer
This news release contains forward-looking statements, including
statements regarding: the Company’s intention to engage in
repurchases of its common stock; the conditions under which such
repurchases may occur; the amount of any such repurchases; and, the
timeframe during which such repurchases may occur. Any statements
that are not statements of historical facts may be deemed to be
forward-looking statements. When used in this news release, the
words "may," "could," "anticipate," "plan," "continue," "project,"
"intend," "estimate," "believe," "expect" and similar expressions
are intended to identify forward-looking statements, although not
all forward-looking statements contain such words. These
forward-looking statements are subject to a number of risks and
uncertainties that could cause actual results to differ materially,
including: the effects of general economic conditions on fueling
patterns as well as payment and transaction processing activity;
the impact of foreign currency exchange rates on the Company’s
operations, revenue and income; changes in interest rates; the
impact of fluctuations in fuel prices; the effects of the Company’s
business expansion and acquisition efforts; potential adverse
changes to business or employee relationships, including those
resulting from the completion of an acquisition; competitive
responses to any acquisitions; uncertainty of the expected
financial performance of the combined operations following
completion of an acquisition; the ability to successfully integrate
the Company's acquisitions, including Electronic Funds Source LLC's
operations and employees; the ability to realize anticipated
synergies and cost savings; unexpected costs, charges or expenses
resulting from an acquisition; the Company's failure to
successfully operate and expand ExxonMobil's European and Asian
commercial fuel card programs; the failure of corporate investments
to result in anticipated strategic value; the impact and size of
credit losses; the impact of changes to the Company's credit
standards; breaches of the Company’s technology systems or those of
our third-party service providers and any resulting negative impact
on our reputation, liabilities or relationships with customers or
merchants; the Company’s failure to maintain or renew key
agreements; failure to expand the Company’s technological
capabilities and service offerings as rapidly as the Company’s
competitors; failure to successfully implement the Company’s
information technology strategies and capabilities in connection
with its technology outsourcing and insourcing arrangements and any
resulting cost associated with that failure; the actions of
regulatory bodies, including banking and securities regulators, or
possible changes in banking or financial regulations impacting the
Company’s industrial bank, the Company as the corporate parent or
other subsidiaries or affiliates; the impact of the Company’s
outstanding notes on its operations; the impact of increased
leverage on the Company's operations, results or borrowing capacity
generally, and as a result of acquisitions specifically; the
incurrence of impairment charges if our assessment of the fair
value of certain of our reporting units changes; the uncertainties
of litigation; as well as other risks and uncertainties identified
in Item 1A of our Annual Report for the year ended December 31,
2016, filed on Form 10-K with the Securities and Exchange
Commission on March 6, 2017 and our Quarterly Report on Form 10-Q
for the three months ended March 31, 2017 filed with the Securities
and Exchange Commission on May 8, 2017. The Company's
forward-looking statements do not reflect the potential future
impact of any alliance, merger, acquisition, disposition or stock
repurchases. The forward-looking statements speak only as of the
date of this earnings release and undue reliance should not be
placed on these statements. The Company disclaims any obligation to
update any forward-looking statements as a result of new
information, future events or otherwise.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983,
WEX has expanded the scope of its business into a multi-channel
provider of corporate payment solutions representing more than 10
million vehicles and offering exceptional payment security and
control across a wide spectrum of business sectors. WEX serves a
global set of customers and partners through its operations around
the world, with offices in the United States, Australia, New
Zealand, Brazil, the United Kingdom, Italy, France, Germany,
Norway, and Singapore. WEX and its subsidiaries employ more than
2,700 associates. The Company has been publicly traded since 2005,
and is listed on the New York Stock Exchange under the ticker
symbol “WEX.” For more information, visit www.wexinc.com and follow
WEX on Twitter at @WEXIncNews.
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version on businesswire.com: http://www.businesswire.com/news/home/20170926005256/en/
WEX Inc.Jessica Roy,
207-523-6763Jessica.Roy@wexinc.comorInvestor relations:WEX
Inc.Steve Elder, 207-523-7769Steve.Elder@wexinc.com
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