SAN ANTONIO, Nov. 02, 2016 (GLOBE NEWSWIRE) -- Payment Data Systems, Inc. (NASDAQ:PYDS), an integrated electronic payments solutions provider, today announced that its Board of Directors has authorized the repurchase of up to $1 million of the Company's common stock from time to time on the open market, in block transactions, or in privately negotiated transactions. The timing of the program can begin as early as November 16, 2016 and will be available until all funds are exhausted, or September 29, 2019, unless terminated earlier by the Company. "Payment Data Systems' management team and Board of Directors believe our current stock price offers compelling value, and the repurchase program reflects the confidence we have in our long-term growth prospects," stated Louis Hoch, President and CEO of Payment Data Systems. "We intend to utilize our existing cash and the ability to generate operating cash flow to fund the repurchase program, which we believe will create further value for our shareholders." The timing and the amount of any repurchases of common stock will be determined by Payment Data Systems management based on the market price of Payment Data Systems' common stock, evaluation of market and economic conditions and other factors. Repurchases of common stock may also be made under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time. Any repurchased common stock will be available for use in connection with the Company's stock plans and for other corporate purposes. As of June 30, 2016, the Company had unrestricted cash of approximately $4.4 million and approximately 12 million shares of common stock outstanding. About Payment Data Systems, Inc. Payment Data Systems (NASDAQ:PYDS), a leading integrated payment solutions provider, offers a wide range of payment solutions to merchants, billers, banks, service bureaus, and card issuers. The Company operates credit, debit/prepaid and ACH payment processing platforms to deliver convenient, world-class payment solutions and service to their clients. The strength of the Company lies in its ability to provide tailored solutions for card issuance, payment acceptance, and bill payments as well as its unique technology in the prepaid sector. Payment Data is headquartered in San Antonio, Texas, and has offices in New York, New York; and Long Beach, California.