Boingo Wireless, Inc. Announces Stock Repurchase Program
LOS ANGELES, April 2, 2013 (GLOBE NEWSWIRE) -- Boingo Wireless, Inc.
(Nasdaq:WIFI), the world's leading Wi-Fi software and services provider, today
announced that its Board of Directors has authorized a stock repurchase
program under which the company may repurchase up to $10 million of its
outstanding common stock. Boingo plans to make such purchases at prevailing
prices, subject to applicable rules and regulations of the Securities and
"Boingo remains committed to maximizing shareholder value, and we believe the
proposed repurchase program positively reinforces this goal," said David
Hagan, President and Chief Executive Officer of Boingo Wireless. "Given our
confidence in our long-term business prospects and our strong balance sheet
and cash flow from operations, we believe repurchasing common shares is an
appropriate use of the Company's capital resources. At the same time, we have
appropriate resources to continue to execute on our strategic growth
Any purchases under the stock repurchase program may be made from time to time
in the open market, through block trades, or otherwise. The program does not
obligate Boingo to acquire any particular amount of common stock, and
purchases may be commenced or suspended at any time – or from time to time –
without prior notice based on market conditions and other factors.
About Boingo Wireless, Inc.
Boingo Wireless, Inc. (Nasdaq:WIFI), the world's leading Wi-Fi software and
services provider, makes it easy, convenient and cost-effective for people to
enjoy Wi-Fi access on their laptop or mobile device at more than 600,000
hotspots worldwide. With a single account, Boingo users and Boingo's wholesale
partners can access the mobile Internet via Boingo Network locations that
include the top airports around the world, major hotel chains, cafés and
coffee shops, restaurants, convention centers and metropolitan hot zones.
Boingo, through its Concourse Communications Group subsidiary, operates Wi-Fi
and/or Cellular DAS networks at large-scale venues worldwide such as airports,
major sporting arenas, malls, and convention centers, as well as restaurants
and retail establishments. The company's Cloud Nine media platform enables
brand advertisers to reach a captive audience through high engagement Wi-Fi
sponsorships. For more information about Boingo, please visit
http://www.boingo.com and http://cloudnine.com.
This press release may contain "forward-looking statements" that involves
risks, uncertainties and assumptions. Forward-looking statements can be
identified by words such as "anticipates," "intends," "plans," "seeks,"
"believes," "estimates," "expects" and similar references to future periods.
These forward-looking statements include the quotations from management in
this press release. Forward-looking statements are based on our current
expectations and assumptions regarding our business, the economy and other
future conditions. Since forward-looking statements relate to the future, they
are subject to inherent uncertainties, risks and changes in circumstances that
are difficult to predict. Our actual results may differ materially from those
contemplated by the forward-looking statements. Important factors that could
cause actual results to differ materially from those in the forward-looking
statements include regional, national or global political, economic, business,
competitive, market and regulatory conditions, as well as other risk and
uncertainties described more fully in documents filed with or furnished to the
Securities and Exchange Commission ("SEC"), including Boingo's annual report
on Form 10-K previously filed on March 18, 2013. Any forward-looking statement
made by us in this press release speaks only as of the date on which it is
made. Factors or events that could cause our actual results to differ may
emerge from time to time, and it is not possible for us to predict all of
them. We undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future developments or
otherwise, except as may be required by law.
CONTACT: Christian Gunning
Vice President, Corporate Communications
Andrew Greenebaum / Laura Bainbridge
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