ZAGG Inc's Board of Directors Authorizes $10 Million for Stock Repurchase
Announces Dismissal of Class Action Lawsuit
Line of Credit Paid Down to $0
SALT LAKE CITY, Feb. 25, 2014 (GLOBE NEWSWIRE) -- ZAGG Inc (Nasdaq:ZAGG), a
leading mobile device accessories company with a brand portfolio that includes
ZAGG and iFrogz, announced today the Board of Directors has authorized a $10
million share repurchase. The company paid off the balance on the Line of
Credit during the first quarter of 2014, and will use cash from operations to
fund the share repurchase in 2014.
ZAGG also disclosed today that the United States Court for the District of
Utah Central Division granted the Company's motion to dismiss the securities
class action lawsuit brought against the Company and certain current and
former officers. The decision was granted in February 2014. The Court
dismissed all claims asserted in the case.
About ZAGG Inc:
ZAGG Inc and its subsidiaries (collectively, the "Company," or "ZAGG") design,
produce and distribute creative product solutions for mobile and media
accessories such as protective coverings, cases, keyboards, keyboard cases,
earbuds, portablepower and device cleaning under the family of ZAGG brands.
In addition, the Company designs, produces and distributes cases, Near-Field
Audio™ amplifying speakers, earbuds, traditional headphones, and gaming
headphones for mobileand mediadevices under the family of iFrogz brands in
the value-priced lifestyle sector. ZAGG distinguishesitself as the preferred
brand by offering creative product solutions through targeted global
distribution channels, with the broadest product offering in its sector. More
information about the company and its brands is atwww.ZAGG.com.
CONTACT: Investor Relations:
Genesis Select Corp
ZAGG Inc. logo
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