Dec. 5, 2011
/PRNewswire/ -- LoJack Corporation (NASDAQ GS: "LOJN"), the global leader in finding and recovering a wide range of mobile assets including cars, construction equipment and motorcycles, today announced that on
November 23, 2011
it reactivated its previously announced stock repurchase plan and began repurchasing shares thereunder. Prior to commencing the most recent repurchases, LoJack had remaining authority from its Board of Directors to repurchase up to 1,681,778 shares of common stock under its repurchase plan, but had not repurchased any shares since 2008.
LoJack Chief Executive Officer
Randy L. Ortiz
stated, "In light of the current market price of LoJack's common stock, the company believes its common stock is an excellent investment and repurchases at current values are in the best interest of stockholders. We also believe our repurchases demonstrate our commitment and confidence in LoJack's future prospects."
The company intends to use existing cash balances to finance the repurchases. Any repurchases will be made through the open market, block trades or in privately-negotiated transactions. The timing and amount of any repurchases will be determined by the company's management based on its evaluation of market conditions and prices, the company's liquidity requirements, alternative uses of capital, regulatory requirements and other factors. The stock repurchase program may be suspended, modified or discontinued at any time by the company's Board of Directors without prior notice.
This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities.
About LoJack Corporation
LoJack Corporation, the company that invented the stolen vehicle recovery market more than two decades ago, is the global leader in finding and recovering a wide range of mobile assets including cars, construction equipment and motorcycles — having recovered nearly USD$4 billion in stolen assets worldwide. LoJack's core competencies are being applied into new areas, such as the prevention, detection and recovery of stolen cargo and finding and rescuing people with cognitive conditions such as autism and Alzheimer's. LoJack has proven processes and technology for recovery — Radio Frequency — and unique integration with law enforcement agencies, making its offerings proven solutions that not only deliver a wide range of recoveries, but also enhance public safety. LoJack's Stolen Vehicle Recovery System operates in 28 states and the
District of Columbia
, and in more than 30 countries throughout
. For more information, visit
Safe Harbor Regarding Forward Looking Statements
From time to time, information provided by the company or statements made by its employees may contain "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws, which involve risks and uncertainties. Any statements in this news release that are not statements of historical fact are forward-looking statements (including, but not limited to, statements concerning the company's expectations regarding purchases under its stock repurchase plan). Such forward-looking statements are based on a number of assumptions and involve a number of risks and uncertainties, and accordingly, actual results could differ materially. Factors that may cause such differences include, but are not limited to: (i) the impact of legal restrictions or limitations under stock repurchase plans on price, volume or timing of stock repurchases; (ii) the impact of alternative, more attractive investments on stock repurchases; (iii) the continued and future acceptance of the company's products and services; (iv) our ability to obtain financing from lenders; (v) the outcome of ongoing litigation involving the company; (vi) the rate of growth in the industries of the company's customers; (vii) our relationships with our licensees and the strength of their business; (viii) the presence of competitors with greater technical, marketing, and financial resources; (ix) the company's customers' ability to access the credit markets; (x) the company's ability to promptly and effectively respond to technological change to meet evolving customer needs; (xi) the company's ability to successfully expand its operations; and (xii) changes in general economic or geopolitical conditions. For a further discussion of these and other significant factors to consider in connection with forward-looking statements concerning the company, reference is made to the company's Annual Report on Form 10-K for the year ended December 31, 2010 and the company's other filings with the Securities and Exchange Commission.
Except as required by law, the company undertakes no obligation to release publicly the result of any revision to the forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.