HENDERSON, Nev.--(BUSINESS WIRE)--3PEA International, Inc. (OTCBB:TPNL) (OTCQB:TPNL), a vertically integrated provider of innovative prepaid card programs and processing services for corporate, consumer and government applications, today announced that its Board of Directors has approved a share repurchase program. Under this program, 3PEA is authorized, but not obligated to repurchase, through open market purchases or privately negotiated transactions up to two million seven hundred thousand (2,700,000) shares of common stock over the next twelve months, depending on market conditions, share price and other factors, subject to relevant rules and regulations under U.S. securities law. The Board of Directors may modify, suspend, extend or terminate the program at any time.
“Our Board of Director’s authorization of this purchase program reflects its confidence in 3PEA’s prospects and is one of several steps that the Company is taking to maximize shareholder value,” explained Arthur De Joya, Chief Financial Officer of 3PEA International. “Given the Company’s improving results and outlook, we believe that the share repurchase program is in the best interests of 3PEA and its shareholders.”
The Authorized repurchases represent about 7% of current market capitalization. The Company does not have a specific schedule or commitment for the repurchase of these shares.
About 3PEA International
3PEA International (OTCBB:TPNL) is an experienced and trusted prepaid debit card payment solutions provider as well as an integrated payment processor that has millions of prepaid debit cards in its portfolio. Through its PaySign brand, 3PEA designs and develops payment solutions, prepaid card programs, and customized payment services. 3PEA manages programs for many of the world’s largest pharmaceutical manufacturers with copay assistance products designed to maximize new patient acquisition, retention, and adherence. 3PEA’s corporate incentive prepaid cards are changing the way corporations reward, motivate, and engage their current and potential customers, employees, and agents. 3PEA’s customizable prepaid solutions offer significant cost savings while improving brand recognition and customer loyalty. 3PEA’s customers include healthcare companies, major pharmaceutical companies and source plasma providers, large multinationals, prestigious universities, and social media companies. PaySign is a registered trademark of 3PEA Technologies, Inc. in the United States and other countries. For more information visit us at www.3pea.com or follow us on LinkedIn, Twitter and Facebook.
Forward-Looking Statements
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the companies, are forward-looking statements that involve risks and uncertainties. There is no assurance that such statements will prove to be accurate, and actual results and future events could differ materially. 3PEA undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
