Authorization Provides Flexibility to Repurchase up to $150 Million
of Company Stock
SOUTH PORTLAND, Maine--(BUSINESS WIRE)--Sep. 26, 2017--
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, 2021
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. The Company is not scheduled to
acquire any shares at this 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.
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 as well as payment and transaction processing activity; the
impact of foreign currency exchange rates on the Company’s operations,
revenue and income; changes in interest rates; the impact of
fluctuations in fuel prices; the effects of the Company’s business
expansion and acquisition efforts; potential adverse changes to business
or employee relationships, including those resulting from the completion
of an acquisition; competitive responses to any acquisitions;
uncertainty of the expected financial performance of the combined
operations following completion of an acquisition; the ability to
successfully integrate the Company's acquisitions, including Electronic
Funds Source LLC's operations and employees; the ability to realize
anticipated synergies and cost savings; unexpected costs, charges or
expenses resulting from an acquisition; the Company's failure to
successfully operate and expand ExxonMobil's European and Asian
commercial fuel card programs; the failure of corporate investments to
result in anticipated strategic value; the impact and size of credit
losses; the impact of changes to the Company's credit standards;
breaches of the Company’s technology systems or those of our third-party
service providers and any resulting negative impact on our reputation,
liabilities or relationships with customers or merchants; 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; failure to successfully implement the
Company’s information technology strategies and capabilities in
connection with its technology outsourcing and insourcing arrangements
and any resulting cost associated with that failure; the actions of
regulatory bodies, including banking and securities regulators, or
possible changes in banking or financial regulations impacting the
Company’s industrial bank, the Company as the corporate parent or other
subsidiaries or affiliates; the impact of the Company’s outstanding
notes on its operations; the impact of increased leverage on the
Company's operations, results or borrowing capacity generally, and as a
result of acquisitions specifically; 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 our Annual Report for the
year ended December 31, 2016, filed on Form 10-K with the Securities and
Exchange Commission on March 6, 2017 and our Quarterly Report on Form
10-Q for the three months ended March 31, 2017 filed with the Securities
and Exchange Commission on May 8, 2017. The Company's forward-looking
statements 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 earnings
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.
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 10 million vehicles
and offering exceptional payment security and control across a wide
spectrum of business sectors. WEX serves a global set of customers and
partners through its operations around the world, with offices in the
United States, Australia, New Zealand, Brazil, the United Kingdom,
Italy, France, Germany, Norway, and Singapore. WEX and its subsidiaries
employ more than 2,700 associates. The Company has been publicly traded
since 2005, and is listed on the New York Stock Exchange under the
ticker symbol “WEX.” For more information, visit www.wexinc.com
and follow WEX on Twitter at @WEXIncNews.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170926005256/en/
Source: WEX Inc.
WEX Inc.
Jessica Roy, 207-523-6763
Jessica.Roy@wexinc.com
or
Investor
relations:
WEX Inc.
Steve Elder, 207-523-7769
Steve.Elder@wexinc.com