In This Article:
ST. LOUIS, Mo., Nov. 04, 2024 (GLOBE NEWSWIRE) -- The Marketing Alliance, Inc. (OTC: MAAL) (“TMA” or the “Company”), announced today the Company's Board of Directors has authorized a share repurchase program to repurchase up to 800,000 shares of the Company's issued and outstanding common stock, effective immediately and concluding September 30, 2025. Concurrent with this authorization the Board of Directors has decided to discontinue paying dividends effective immediately.
Timothy Klusas, the Company's President and Chief Executive Officer, stated, “The share repurchase authorization represents our financial strength and commitment to enhance shareholder value, and the Board’s willingness to change tactics to do so. The Board recognized, nor did it take lightly, that this action would be a significant change in our shareholder distribution strategy of paying dividends, which the Company has paid consistently since its founding in 1996. The Board arrived at this decision after monitoring the stock price while paying dividends and has concluded in its judgement that its dividend policy was not adequately reflected in the stock price.”
Mr. Klusas concluded, “A key part of this decision was to continue to invest in the operating business. In just the last 90 days, the Company has filled two key open leadership roles, introduced a new logo to reflect a more modern customer-centric company, and integrated new tools and technologies on to our platform for customers to save time, save expense, and drive better outcomes for their customers, which has been our hallmark.”
Repurchases under the program may be made through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The timing, number and purchase price of shares repurchased under the program, if any, will be determined by management in its discretion and will depend on a number of factors, including the market price of the shares as a percentage of tangible book value, general market and economic conditions, applicable legal requirements and other conditions, and there is no assurance that the Company will purchase any shares under the program.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any number of shares.