SPRINGFIELD, Ohio, Aug. 14, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- HUTN, Inc. (OTC: HUTN) today announced that its Board of Directors has authorized the repurchase of shares of its outstanding common stock from time to time in open market or private transactions at the Company’s discretion in an amount not to exceed 1,000,000 shares in the aggregate. The plan which will become effective August 28, 2018 and will continue throughout 2019 will be executed pursuant to the safe harbor provisions of SEC Rule 10b-18.
The plan permits the Company to make purchases of up to a maximum daily limit of 3,000 shares. All purchases must be open-market purchases of free trading stock. The timing and number of shares repurchased will depend on a variety of factors, including the 1,000,000-aggregate maximum number of shares, the stock price, corporate and regulatory requirements and other market and economic conditions.
To avoid any purchases on the basis of material non-public information, the company will engage a broker dealer as agent for purchases and the buyback agent will act only on market data and information available to all shareholders. The company reserves the right to suspend and restart the plan anytime based on its business capital requirements.
HUTN’s CEO Christopher Daniels commented, “The Board’s implementation of a stock buyback program reflects our confidence in the Company's long-term growth prospects, and our belief that the current share price presents an attractive investment opportunity for the Company. Additionally, the plan offers an excellent opportunity to increase stockholder value through reduced share dilution stemming from this buyback.”
About HUTN, Inc.
HUTN, Inc. is a holding company whose subsidiaries provide B2C internet services. HUTN Group Inc., a wholly owned subsidiary of HUTN, Inc. is the parent company of: (i) EF Hutton, Inc., a provider of digital finance and investment services, and a legendary brand that has been known for innovation for over 113 years; (ii) Vibrant Mobility, Inc., a mobile communications services provider; and, (iii) Megga, Inc., an integrated social networks and online services provider. HUTN, Inc.’s subsidiaries offer innovative financial products designed to work for everyday people. HUTN, Inc. stock is traded under the symbol HUTN. Learn more at www.efhutton.com.