LAS VEGAS--(BUSINESS WIRE)--Image Metrics, Inc. ("Image Metrics" or the “Company") today announced that its Board of Directors has approved a stock repurchase program, authorizing the repurchase of up to 22,000,000 shares, which will approximate $22 million and 29% of the Company’s outstanding shares of common stock.
Image Metrics’ CEO Ron Ryder said, “We believe that the repurchase of our shares is a prudent use of corporate funds, and is in the best interests of our shareholders. The Board’s decision reflects confidence in our Company’s future.”
The Company intends to purchase its shares through a direct share buy back program directly from each of its investors. The Company’s program will remain open through August 31, 2018. The number of shares and the timing of the purchases will be based on each of the Company’s investors’ ability to reply to the program. The repurchase program does not obligate the Company to acquire any specific dollar value or number of shares and the program may be discontinued at any time.
ABOUT IMAGE METRICS
Image Metrics is a leading global developer of facial analysis and detection software. The Company utilizes advanced proprietary tracking technology to enable hyper-accurate placement of 3D, 3D animated and 2D objects within augmented reality scenes. The Company’s website is www.image-metrics.com.
While Image Metrics was previously a publicly traded company, it has not been subject to the SEC’s reporting requirements since 2012. Accordingly, Image Metrics will not be able to provide to potential sellers the same type of current business and financial information that might be provided by reporting public companies under the federal securities laws. Additionally, there is currently no established or prevailing market price for the stock of Image Metrics.