LOS ANGELES, April 2, 2013 (GLOBE NEWSWIRE) -- Boingo Wireless, Inc. (Nasdaq:WIFI), the world's leading Wi-Fi software and services provider, today announced that its Board of Directors has authorized a stock repurchase program under which the company may repurchase up to $10 million of its outstanding common stock. Boingo plans to make such purchases at prevailing prices, subject to applicable rules and regulations of the Securities and Exchange Commission.
"Boingo remains committed to maximizing shareholder value, and we believe the proposed repurchase program positively reinforces this goal," said David Hagan, President and Chief Executive Officer of Boingo Wireless. "Given our confidence in our long-term business prospects and our strong balance sheet and cash flow from operations, we believe repurchasing common shares is an appropriate use of the Company's capital resources. At the same time, we have appropriate resources to continue to execute on our strategic growth initiatives."
Any purchases under the stock repurchase program may be made from time to time in the open market, through block trades, or otherwise. The program does not obligate Boingo to acquire any particular amount of common stock, and purchases may be commenced or suspended at any time – or from time to time – without prior notice based on market conditions and other factors.
About Boingo Wireless, Inc.
Boingo Wireless, Inc. (Nasdaq:WIFI), the world's leading Wi-Fi software and services provider, makes it easy, convenient and cost-effective for people to enjoy Wi-Fi access on their laptop or mobile device at more than 600,000 hotspots worldwide. With a single account, Boingo users and Boingo's wholesale partners can access the mobile Internet via Boingo Network locations that include the top airports around the world, major hotel chains, cafés and coffee shops, restaurants, convention centers and metropolitan hot zones. Boingo, through its Concourse Communications Group subsidiary, operates Wi-Fi and/or Cellular DAS networks at large-scale venues worldwide such as airports, major sporting arenas, malls, and convention centers, as well as restaurants and retail establishments. The company's Cloud Nine media platform enables brand advertisers to reach a captive audience through high engagement Wi-Fi sponsorships. For more information about Boingo, please visit http://www.boingo.com and http://cloudnine.com.
This press release may contain "forward-looking statements" that involves risks, uncertainties and assumptions. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods. These forward-looking statements include the quotations from management in this press release. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Since forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, as well as other risk and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission ("SEC"), including Boingo's annual report on Form 10-K previously filed on March 18, 2013. Any forward-looking statement made by us in this press release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
CONTACT: Christian Gunning Vice President, Corporate Communications firstname.lastname@example.org (310) 586-4009 Andrew Greenebaum / Laura Bainbridge Addo Communications email@example.com / firstname.lastname@example.org (310) 829-5400Source:Boingo Wireless, Inc.