NEW YORK, NY / ACCESSWIRE / July 12, 2019 / INNODATA INC. (NASDAQ: INOD) today announced that its Board of Directors has authorized the repurchase of up to $2.0 million of its issued and outstanding common stock in open market or privately negotiated transactions. The timing, nature and actual number of shares repurchased are subject to market and business conditions, trading prices and applicable securities laws. Depending on market conditions and other factors, these repurchases may be commenced or suspended by the Company from time to time without prior notice.
'The decision of our Board of Directors to authorize this new common stock repurchase program underscores our confidence in our market opportunity and our growth strategy,' said Jack Abuhoff, Chairman and CEO of Innodata. 'At March 31, 2019, we reported cash and cash equivalents of $12.2 million, or $0.47 per diluted share, and no long-term debt. We believe that this common stock repurchase plan represents a prudent use of capital and a way to create long-term value for our stockholders.'
Innodata (NASDAQ: INOD) is a global services and technology company focused on data transformation, enrichment, and management. Through our data refinery platform and related products and services, we enable the world's preeminent media, publishing and information services companies, as well as data-driven enterprises, to improve operational efficiency, drive growth, and bring new data-enabled products to market. Innodata Labs, our technology incubator, focuses on applied machine learning and emerging artificial intelligence. Our culture of innovation, quality, and service is present in everything we do.
Our venture companies include Synodex, a leader in medical record data transformation, and Agility PR Solutions, a provider of SaaS software and solutions for PR and communications professionals.
Forward Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The words ''project,'' ''head start,'' 'believe,' 'expect,' ''can,'' ''continue,'' ''could,'' ''intend,'' ''may,'' ''should,'' ''will,'' ''anticipate,'' ''indicate,'' ''point to,'' ''forecast,'' ''predict,'' ''likely,'' ''goals,'' ''optimistic,'' ''foster,'' ''estimate,'' ''plan,'' ''potential,'' or the negative thereof and other similar expressions generally identify forward-looking statements, which speak only as of their dates, although some forward-looking statements are expressed differently.
These forward-looking statements are based largely on our current expectations and are subject to a number of risks and uncertainties, including without limitation, that contracts may be terminated by clients; projected or committed volumes of work may not materialize in whole or in part; the primarily at-will nature of contracts with our Digital Data Solutions clients and the ability of these clients to reduce, delay or cancel projects; continuing Digital Data Solutions segment revenue concentration in a limited number of clients; continuing Digital Data Solutions segment reliance on project-based work; our inability to replace projects that are completed, canceled or reduced; our dependency on third-party content providers in our Agility segment; difficulty in integrating and deriving synergies from acquisitions, joint ventures and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; changes in our business or growth strategy; depressed market conditions; changes in external market factors; the ability and willingness of our clients and prospective clients to execute business plans which give rise to requirements for our services; changes in our business or growth strategy; the emergence of new or growing competitors; various other competitive and technological factors; and other risks and uncertainties indicated from time to time in our periodic filings with the Securities and Exchange Commission.
Our actual results could differ materially from the results referred to in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks discussed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 26, 2019, and in the press releases and other communications to stockholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, other than as required under the Federal securities laws.
SOURCE: Innodata Inc.
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