WEX Board of Directors Authorizes New Stock Repurchase Program
Authorization Provides Flexibility to Repurchase up to $150 Million of Company Stock
SOUTH PORTLAND, Maine--(BUSINESS WIRE)-- WEX Inc. (NYS: 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, 2017 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. 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.
About WEX Inc.
WEX Inc. (NYS: 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 7.4 million cardholders and offering exceptional payment security and control across a wide spectrum of business sectors. The Company's operations include WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express Australia, Wright Express New Zealand and CorporatePay Limited, England, as well as a majority equity position in UNIK S.A., Brazil. WEX and its subsidiaries employ more than 1,400 associates. For more information about WEX, please visit www.wexinc.com.
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 and the commercial activity of fleets; the effects of the Company's business expansion and acquisition efforts; the Company's failure to successfully integrate the businesses it has acquired; the failure of corporate investments to result in anticipated strategic value; the impact and range of credit losses; breaches of the Company's technology systems and any resulting negative impact on our reputation, liability, or loss of relationships with customers or merchants; fuel price volatility; 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; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking regulations impacting the Company's industrial bank and the Company as the corporate parent; the impact of foreign currency exchange rates on the Company's operations, revenue and income; changes in interest rates; the impact of the Company's outstanding bonds on its operations; financial loss if the Company determines it necessary to unwind its derivative instrument position prior to the expiration of a contract; 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 the Company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2013 and the Company's subsequent periodic and current reports. The Company's forward-looking statements and these factors 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 news 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.
KEYWORDS: United States North America Maine
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