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Company's Board Authorizes Repurchase of an Additional $5 Million of Its Common Stock
Board of Directors is Exploring Options to Reduce Outstanding Shares
SALT LAKE CITY, March 22, 2013 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq:LFVN), a company dedicated to helping people achieve healthy living through a combination of a compelling business opportunity and scientifically validated products, including its patented dietary supplement Protandim
®, the Nrf2 Synergizer
®, announced today that its Board of Directors approved a share repurchase program that authorizes the Company to utilize up to $5 million to purchase additional shares of its common stock. The Company is nearing completion of repurchasing the $5 million under the repurchase program that was previously approved and announced in December 2012.
The newly approved repurchase authorization permits LifeVantage to purchase shares from time to time through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the company's management, in accordance with applicable securities laws. As part of the repurchase program, the Company expects that it will enter into a pre-arranged stock repurchase plan which would operate in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. Transactions, if any, under the pre-arranged repurchase plan would be effected in accordance with the terms of the stock repurchase plan, including specified price, volume and timing conditions.
In addition, the Company has begun the process of analyzing the merits of potential methods of reducing the number of outstanding shares. The Company is in the process of engaging an investment bank to assist with the analysis. The Company will provide additional details about the results of its analysis as appropriate.
"We are pleased to announce an additional stock buyback program. With our strong balance sheet and healthy cash position, we believe we will be able to implement the program at the appropriate time while maintaining sufficient capital to continue our efforts to take advantage of future growth opportunities," Douglas C. Robinson, LifeVantage President and CEO, stated. "We also are exploring more broadly options to reduce the number of outstanding shares, which we believe would further demonstrate our commitment to enhancing long-term shareholder value. We are currently in the initial phase of evaluating these options and look forward to providing updates once we have obtained findings from the analysis."