Betterware de Mexico stock repurchase plan of up to $50 million
GUADALAJARA, Mexico, Sept. 13, 2021 /PRNewswire/ -- Betterware de Mexico S.A.B. de C.V. ("Betterware" or the "Company") (Nasdaq: BWMX) today announced that as part of the Company's long-term strategy to maximize stockholder value, its Board of Directors authorized the repurchase of up to $50 million of the Company's common stock.
Betterware may repurchase shares from time to time in the open market, in privately negotiated transactions, pursuant to accelerated share repurchase agreements or otherwise, in each case depending on market conditions, share price and availability and other factors in Betterware's discretion. Betterware intends to have the stock repurchase plan in place until December 31, 2022.
Luis G. Campos, Betterware's Executive Chairman of the Board, stated, "the stock repurchase program announced today demonstrates the Board's confidence in our current and future prospects. Our strong balance sheet and strong free cash flow generation enable us to invest in support of our future growth and take advantage of market volatility through the repurchase of our shares. We continue to execute our strategy that we believe will lead to value creation for our shareholders."
There can be no assurance as to the exact number, or aggregate value, of shares, if any, that will be repurchased by Betterware. The stock repurchase plan may be suspended or discontinued at any time in Betterware's sole discretion. Any repurchases of stock will be financed with the Company's available cash and the plan will not affect the Company's current dividend payment policy.
Forward Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe", "may," "will", "estimate", "continue", "anticipate", "intend", "expect", "should", "would", "plan", "predict", "potential", "seem", "seek," "future," "outlook", and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The reader should understand that the results obtained may differ from the projections contained in this document, as past results in no way offer any guarantee of future performance. For this reason, the Company assumes no responsibility for any indirect factors or elements beyond its control that might occur inside Mexico or abroad and which might affect the outcome of these projections.
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SOURCE Betterware de Mexico
Released September 13, 2021