Radiant Announces Stock Buy Back Program
Radiant Logistics Announces Stock Buy Back Program
BELLEVUE, WA, May 18, 2009 – Radiant Logistics, Inc. (OTC BB: RLGT), a domestic and international freight forwarding and logistics services company, today announced that its board of directors has authorized the repurchase of up to five million shares of the Company’s common stock through 2010. As of March 31, 2009, the Company had 34,701,960 shares outstanding.
The share repurchase will be funded using Radiant’s existing cash balance, future free cash flow and its revolving credit facility, which had $2.3 million of additional availability as of April 30, 2009.
The share repurchases may occur from time-to-time through open market purchases at prevailing market prices or through privately negotiated transactions as permitted by securities laws and other legal requirements. The program allows the Company to repurchase its shares at its discretion. Market conditions, price, corporate and regulatory requirements, alternative investment opportunities, and other economic conditions will influence the timing of the buyback and the number of shares repurchased. The program does not obligate the Company to repurchase any specific number of shares and, subject to compliance with applicable securities laws and other legal requirements, may be suspended or terminated at any time without prior notice. Shares repurchased will be held as treasury shares.
Bohn Crain, Chairman and CEO, said, “We believe the current share price does not accurately reflect Radiant’s recent success and long-term growth prospects, and therefore, represents an excellent investment opportunity for both the Company and our shareholders.”
About Radiant Logistics (OTC BB: RLGT): Radiant Logistics (www.radiant-logistics.com) is a non-asset based logistics company operating under the Airgroup, Adcom and Radiant brands providing domestic and international freight forwarding services and an expanding array of value added supply chain management services, including order fulfillment, inventory management and warehousing through a network of approximately 65 locations across North America. For more information about Radiant Logistics, please contact Bohn Crain at (425) 943-4599.