Wireless Telecom Group, Inc. announced today that its Board of Directors (the "Board") unanimously approved the buyback of the Company’s common stock under its current stock repurchase program. Purchases will be made from time to time in the open market at management’s discretion. As of November 19, 2015, the date of approval, approximately 1.2 million shares may be repurchased by the Company under the current program. The stock repurchase program does not have an expiration date and the timing and amount of shares repurchased will be determined by a number of factors including the levels of cash generation from operations, cash requirements for investments, market volume restrictions and current share price. The stock repurchase program may continue to be modified or discontinued at any time.
Paul Genova, CEO of Wireless Telecom Group, Inc. stated, “Our Board’s authorization to repurchase the Company’s common stock demonstrates confidence in the Company’s ability to generate positive future cash flows and improve profitability. We believe that executing the buyback at this point in time is a prudent use of available capital and that this leveraging of our strong balance sheet will benefit all shareholders.”
Except for historical information, the matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Specifically, no assurances can be made with respect to the number of shares that may be repurchased by the Company under its share repurchase program. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. Further information regarding risks and uncertainties that could affect the Company’s results are identified in the Company’s reports filed with the Securities and Exchange Commission.