Authorization Provides Flexibility to Repurchase up to $150
Million of Company Stock
SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Sep. 23, 2013--
WEX Inc. (NYSE: WEX) a leading provider of corporate payment solutions,
today announced that the board of directors has authorized a share
repurchase program under which up to $150 million worth of the company's
common stock may be repurchased.
Repurchases may be made from time to time until September 30, 2017
through open market purchases, privately negotiated transactions, block
trades or otherwise. Repurchases are subject to the availability of
stock, prevailing market conditions, trading price of the stock and the
Company's financial performance. The repurchase program does not
obligate the Company to acquire any specific number of shares and may be
discontinued or suspended at any time. All instructions for the
repurchase of shares under this program must be in compliance with Rule
10b-18 and the covenants of any credit facility or indentures then
outstanding. Purchases may be executed utilizing the safe harbor
provisions of Rule 10b5-1 of the Securities Exchange Act.
About WEX Inc.
WEX Inc. (NYSE: WEX) is a leading provider of corporate payment
solutions. From its roots in fleet card payments beginning in 1983, WEX
has expanded the scope of its business into a multi-channel provider of
corporate payment solutions representing more than 7.4 million
cardholders and offering exceptional payment security and control across
a wide spectrum of business sectors. The Company’s operations include
WEX Bank, Fleet One, Pacific Pride, rapid! PayCard, Wright Express
Australia, Wright Express New Zealand and CorporatePay Limited, England,
as well as a majority equity position in UNIK S.A., Brazil. WEX and its
subsidiaries employ more than 1,400 associates. For more information
about WEX, please visit www.wexinc.com.
Forward Looking Statement Disclaimer
This news release contains forward-looking statements, including
statements regarding: the Company’s intention to engage in repurchases
of its common stock; the conditions under which such repurchases may
occur; the amount of any such repurchases; and, the timeframe during
which such repurchases may occur. Any statements that are not statements
of historical facts may be deemed to be forward-looking statements. When
used in this news release, the words "may," "could," "anticipate,"
"plan," "continue," "project," "intend," "estimate," "believe," "expect"
and similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain such
words. These forward-looking statements are subject to a number of risks
and uncertainties that could cause actual results to differ materially,
including: the effects of general economic conditions on fueling
patterns and the commercial activity of fleets; the effects of the
Company’s business expansion and acquisition efforts; the Company’s
failure to successfully integrate the businesses it has acquired; the
failure of corporate investments to result in anticipated strategic
value; the impact and range of credit losses; breaches of the Company’s
technology systems and any resulting negative impact on our reputation,
liability, or loss of relationships with customers or merchants; fuel
price volatility; the Company’s failure to maintain or renew key
agreements; failure to expand the Company’s technological capabilities
and service offerings as rapidly as the Company’s competitors; the
actions of regulatory bodies, including banking and securities
regulators, or possible changes in banking regulations impacting the
Company’s industrial bank and the Company as the corporate parent; the
impact of foreign currency exchange rates on the Company’s operations,
revenue and income; changes in interest rates; the impact of the
Company’s outstanding bonds on its operations; financial loss if the
Company determines it necessary to unwind its derivative instrument
position prior to the expiration of a contract; the incurrence of
impairment charges if our assessment of the fair value of certain of our
reporting units changes; the uncertainties of litigation; as well as
other risks and uncertainties identified in Item 1A. of the Company's
annual report on Form 10-K filed with the Securities and Exchange
Commission on March 1, 2013 and the Company's subsequent periodic and
current reports. The Company's forward-looking statements and these
factors do not reflect the potential future impact of any alliance,
merger, acquisition, disposition or stock repurchases. The
forward-looking statements speak only as of the date of this news
release and undue reliance should not be placed on these statements. The
Company disclaims any obligation to update any forward-looking
statements as a result of new information, future events or otherwise.
Source: WEX Inc.
WEX Inc.
News media contact:
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
or
Investor
contact:
Michael E. Thomas, 207-523-6743
Michael.Thomas@wexinc.com