Radiant Logistics Announces Stock Buy Back Program
May 18, 2009 8:00:00 AM
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View Additional ProfilesBELLEVUE, Wash., May 18 /PRNewswire-FirstCall/ -- Radiant Logistics, Inc. (OTC Bulletin Board: RLGT), a domestic and international freight forwarding and logistics services company, today announced that its board of directors has authorized the repurchase of up to five million shares of the Company's common stock through 2010. As of March 31, 2009, the Company had 34,701,960 shares outstanding.
The share repurchase will be funded using Radiant's existing cash balance, future free cash flow and its revolving credit facility, which had $2.3 million of additional availability as of April 30, 2009.
The share repurchases may occur from time-to-time through open market purchases at prevailing market prices or through privately negotiated transactions as permitted by securities laws and other legal requirements. The program allows the Company to repurchase its shares at its discretion. Market conditions, price, corporate and regulatory requirements, alternative investment opportunities, and other economic conditions will influence the timing of the buyback and the number of shares repurchased. The program does not obligate the Company to repurchase any specific number of shares and, subject to compliance with applicable securities laws and other legal requirements, may be suspended or terminated at any time without prior notice. Shares repurchased will be held as treasury shares.
Bohn Crain, Chairman and CEO, said, "We believe the current share price does not accurately reflect Radiant's recent success and long-term growth prospects, and therefore, represents an excellent investment opportunity for both the Company and our shareholders."
About Radiant Logistics (OTC Bulleting Board: RLGT)
Radiant Logistics (www.radiant-logistics.com) is a non-asset based logistics company operating under the Airgroup, Adcom and Radiant brands providing domestic and international freight forwarding services and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing through a network of approximately 65 locations across North America. For more information about Radiant Logistics, please contact Bohn Crain at (425) 943-4599.
This press release includes 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, regarding future operating performance, events, trends and plans. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding our future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause our actual results to differ materially from our expectations, include but are not limited to our ability to: develop additional agency locations, locate and finance acquisition opportunities, retain and build upon the relationships we have with our exclusive agency offices, continue the development of our back office infrastructure and transportation and accounting systems in a manner sufficient to service our expanding revenues and base of exclusive agency locations, maintain the future operations of Adcom in a manner consistent with its past practices integrate Adcom's operations with our historic operations and realize cost synergies through such integration, the effect that the acquisition will have on Adcom's existing customers, agents and employees , continue growing our business and maintain historical or increased gross profit margins, locate suitable acquisition opportunities, secure the financing necessary to complete any acquisition opportunities we locate, assess and respond to competitive practices in the industries in which we compete, mitigate, to the best extent possible, our dependence on current management and certain of our larger exclusive agency locations, assess and respond to the impact of current and future laws and governmental regulations affecting the transportation industry in general and our operations in particular, as well those risk factors disclosed in Item 1A of our Report on Form 10-K for the year ended June 30, 2008 and other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. Such statements are not guarantees of future performance or events and we undertake no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances occurring after the date hereof.
SOURCE Radiant Logistics, Inc.
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Bohn H. Crain
Chief Executive Officer of Radiant Logistics
Inc.
+1-425-943-4599
AI
