ASHLAND, Ky.--(BUSINESS WIRE)--ALJ Regional Holdings, Inc. (Pink Sheets: ALJJ) today announced that its Board of Directors has authorized the repurchase of up to 2,000,000 shares of the Company’s issued and outstanding Common Stock, for a cost not to exceed $0.50 per share. Depending on market conditions, shares may be repurchased from time to time at prevailing market prices through open market or negotiated transactions. The share repurchase program terminates on May 31, 2014.
The Company is not obligated to purchase any shares. Subject to applicable corporate securities laws, repurchases may be made at such times and in such amounts as the Company’s management deems appropriate. Purchases under the program can be discontinued at any time management feels additional purchases are not warranted. The Company will finance the repurchase with tax sharing payments received from its subsidiary KES Acquisition Company.
This press release contains forward-looking statements. Such statements include information regarding the Company’s expectations, goals or intentions regarding the future, including but not limited to statements regarding the Company’s anticipated share repurchases. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Among the factors that could cause actual results to differ materially are changes in the Company’s stock price, liquidity needs or market fluctuations. Additional factors that could cause actual results to differ are discussed in the Company’s Annual Report for the fiscal year ended September 30, 2011 and in its other periodic reports issued through the Pink Sheets News Service and available at www.pinksheets.com. All forward-looking statements in this release are made as of the date hereof and the Company assumes no obligation to update any forward-looking statement.
ALJ is the parent company of KES Acquisition Company dba Kentucky Electric Steel, the owner and operator of a steel mini-mill near Ashland, Kentucky.