PLEASANTON, Calif., June 21, 2022 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc. (HCTI), a leading provider of Healthcare and Life Sciences cloud transformation, managed services and data analytics platform today announced that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to $2 million of its common stock.
“The authorization of this share repurchase program reflects our management’s confidence in the potential of the organization and our ability to generate long-term shareholder value,” said Suresh Venkatachari, Chairman and Chief Executive Officer. “With the growth momentum in our cloud based platform and managed services business, we believe we are poised for a strong 2022 in our healthcare and life sciences businesses as we look to expand our footprint across North America and the international markets. We strongly believe there is a disconnect between our current share price and the intrinsic value of our common stock, based on what we believe to be Healthcare Triangle’s future earnings potential.”
Under the share repurchase program, the company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions in the United States. The timing and amount of any share repurchases will be determined by the Company’s management based on its evaluation of market conditions and other factors and in accordance with Rule 10b-18 under the Securities Exchange Act of 1934 (the “Exchange Act”). Repurchases may also be made pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased during periods the Company might otherwise be precluded from doing so under insider trading laws. Healthcare Triangle is not obligated to acquire any amount of its common stock.
The Board authorized the Company to purchase its common stock from time to time on a discretionary basis through open market purchases meeting the requirements of Rule 10b-18, privately negotiated transactions or other means, including trading plans intended to qualify under Rule 10b5-1, in accordance with applicable federal securities laws and other applicable legal requirements. The Company expects to fund these repurchases through existing cash balances. Decisions regarding the amount and the timing of purchases under the program will be influenced by the Company’s cash on hand, cash flows from operations, general market conditions and other factors.
Repurchased shares will be held as treasury shares and will be available for use in connection with the Company’s stock plans and for other corporate purposes. Healthcare Triangle is not obligated to acquire any particular amount of its common stock. This repurchase program may be extended, suspended, or discontinued at any time without prior notice at the Company’s discretion.
Forward-Looking Statements and Safe Harbor Notice
All statements other than statements of historical facts included in this press release are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements include our expectations and those statements that use forward-looking words such as "projected," "expect," "possibility" and "anticipate." The achievement or success of the matters covered by such forward-looking statements involve significant risks, uncertainties and assumptions. Actual results could differ materially from current projections or implied results. Investors should read the risk factors set forth in the Company's Prospectus filed with the SEC on October 7, 2021, previous filings, subsequent filings and future periodic reports filed with the SEC. All of the Company's forward-looking statements are expressly qualified by all such risk factors and other cautionary statements.
The Company cautions that statements and assumptions made in this news release constitute forward-looking statements and make no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. The information set forth herein speaks only as of the date hereof. The Company and its management undertake no obligation to revise these statements following the date of this news release.
Healthcare Triangle, Inc. Contact:
For Media Enquiries:
Michael Campana
michael.c@healthcaretriangle.com
