Stamps.com Approves Share Repurchase Program
SANTA MONICA, Calif. – April 26, 2002 – Stamps.com(TM) (Nasdaq: STMP) today announced that its Board of Directors has authorized the repurchase of up to $20 million of its common stock over the next 6 months.
“We believe that Stamps.com is undervalued and view the share repurchase program as a financial opportunity that is a good use of the company’s capital resources. Stamps.com is confident in its business model and the potential of its new products that are currently under development,” said president and CEO Ken McBride.
The company’s purchase of any of its shares is subject to limitations that may be imposed on such purchases by applicable securities laws and regulations and the rules of the Nasdaq Stock Market. Purchases may be made in the open market or in privately negotiated transactions from time to time at management’s discretion. The timing of purchases, if any, and the number of shares to be bought at any one time will depend on market conditions.
As of April 25, 2002, Stamps.com had approximately 50,934,056 shares of common stock outstanding.
Stamps.com (Nasdaq: STMP) is the leading provider of Internet-based postage services. Its flagship product, Stamps.com Internet Postage, enables customers to print U.S. Postal Service-approved postage via a computer and Internet connection.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements that involve risks and uncertainties. Important factors, including the company’s ability to achieve profitability, which could cause actual results to differ materially from those in the forward-looking statements, are detailed in filings with the Securities and Exchange Commission made from time to time by Stamps.com, including its annual report on Form 10-K for the fiscal year ended December 31, 2001, and its Current Reports on Form 8-K. Stamps.com undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Stamps.com and the Stamps.com logo are trademarks of Stamps.com Inc. All other brands and names are property of their respective owners.