WordLogic Corporation (OTCQB:WLGC), a predictive intelligence technology company that markets patented solutions for the mobile, tablet, and desktop computer industry, announced that its Board of Directors has authorized the Company to repurchase up to 5,000,000 shares of WordLogic’ outstanding common stock over a 12-month period commencing on August 20, 2012. Purchases would be made from time to time in the open market and through privately-negotiated transactions, subject to general market and other conditions.
Mr. Frank Evanshen, President and CEO of WordLogic, stated, “We’re pleased that the strength of our business fundamentals allows us to demonstrate our confidence through this stock repurchase program. This investment by the Company reflects our positive outlook on our cash-flow and earnings going forward.”
Any repurchased shares will have the status of treasury shares and may be used, if and when needed, for general corporate purposes. WordLogic has no obligation to repurchase shares under the authorization, and the timing, actual number and value of the shares which are repurchased will be at the discretion of management and will depend on a number of factors, including the price of the Company’s common stock. The Company may suspend or discontinue repurchases at any time.