|
|
|
LAKE SUCCESS, N.Y., Dec.
17, 2018 (GLOBE NEWSWIRE) -- Newtek Business Services Corp., (the “Company” or
“Newtek”) (NASDAQ: NEWT), an internally managed business development company
(“BDC”), today announced that its board of directors approved a repurchase
program (the “Program”) under which the Company may repurchase up to 300,000
shares (the “Shares”) of its common stock, par value $0.02, which
represents approximately 1.6% of the outstanding common shares of the
Company, as of September 30, 2018 (the “Common Shares”). The
repurchases shall be effected through open market
purchases, including block purchases, in such manner as will comply with the
provisions of the Investment Company Act of 1940, as amended and the
Securities Exchange Act of 1934, as amended (the “1934 Act”). Unless extended
or terminated by its board of directors, the Company anticipates that the
termination date for this new repurchase program will be on June 18,
2019. The Company expects to finance the repurchases with existing capital
and the repurchased Shares will designated as authorized but unissued Common
Shares. In addition, the Company will continuously evaluate
alternate and strategic uses of its capital depending on, among other things,
the fair value of Newtek’s Common Shares and the other available capital
deployment opportunities. Under the Program, purchases
may be made at management’s discretion from time to time in open-market
transactions, in accordance with all applicable securities laws and
regulations, including Rule 10b-18 of the 1934 Act. The extent to which the
Company repurchases its Shares, and the timing of such repurchases, will
depend upon a variety of factors, including market conditions, regulatory
requirements and other corporate considerations, as determined by Newtek’s
management team. The repurchase program may be suspended or discontinued at
any time. About Newtek
Business Services Corp. Newtek Business Services Corp., Your Business
Solutions Company®, is an internally managed BDC,
which along with its controlled portfolio companies, provides a wide range of
business services and financial products under the Newtek® brand
to the small- and medium-sized business (“SMB”) market. Since 1999,
Newtek has provided state-of-the-art, cost-efficient products and services
and efficient business strategies to SMB accounts across all 50 states to
help them grow their sales, control their expenses and reduce their risk. Newtek’s and its
portfolio companies’ products and services include: Business Lending, SBA Lending Solutions, Electronic Payment Processing, Technology Solutions (Cloud Computing, Data
Backup, Storage and Retrieval, IT Consulting), eCommerce, Accounts Receivable Financing & Inventory Financing, The Newtek Advantage™, Insurance Solutions, Web Services, and Payroll and Benefits Solutions. Note Regarding Forward
Looking Statements This press release
contains certain forward-looking statements. Words such as “believes,”
“intends,” “expects,” “projects,” “anticipates,” “forecasts,” “goal”and “future” or similar expressions are intended to
identify forward-looking statements. All forward-looking statements
involve a number of risks and uncertainties that could cause actual results
to differ materially from the plans, intentions and expectations reflected in
or suggested by the forward-looking statements. Such risks and uncertainties
include, among others, intensified competition, operating problems and their
impact on revenues and profit margins, anticipated future business strategies
and financial performance, anticipated future number of customers, business
prospects, legislative developments and similar matters. Risk factors,
cautionary statements and other conditions, which could cause Newtek’s actual
results to differ from management’s current expectations, are contained in
Newtek’s filings with the Securities and Exchange Commission and
available through http://www.sec.gov/. Newtek cautions you that
forward-looking statements are not guarantees of future performance and that
actual results or developments may differ materially from those projected or
implied in these statements. SOURCE: Newtek
Business Services Corp. Investor Relations
& Public Relations
Source: Newtek Business
Services Corp. |
