PhoneX Holdings, Inc Announces Stock Repurchase Program
NEW YORK, NY / ACCESSWIRE / May 28, 2019 / PhoneX Holdings, Inc. f/k/a uSell.com, Inc. (the “Company”) (OTC Pink: PXHI), today announced that its Board of Directors has adopted a stock repurchase program authorizing the Company to repurchase up to $50,000 of the Company’s common stock.
The share repurchases may be made from time-to-time on the open market or in privately negotiated transactions. The timing, price and volume of the share repurchases will be determined by the Company’s management based on its evaluation of market conditions, relevant securities laws and other factors. Repurchases will be made in accordance with SEC Rule 10b-18 and may also be made under a Rule 10b5-1 plan, which if adopted would allow stock repurchases when the Company might otherwise be precluded from doing so under insider trading laws. The share repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the Company’s operating performance , liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. As of May 15, 2019, the Company had 29,668,332 shares of common stock outstanding.
About PhoneX Holdings, Inc.
PhoneX Holdings, Inc. is building the dominant online platform for the wholesale exchange of used smartphones. PhoneX Holdings acquires devices from major carriers, big box retailers, manufacturers, and distributors and then moves these devices throughout the world to those who need them most. The Company operates two distinct models: 1) a Proprietary Trading Model, through which it purchases devices utilizing its own balance sheet via its subsidiary We Sell Cellular LLC, and 2) a Platform Partnership Model, through which it enables suppliers to integrate directly into its online platform via licensing agreements with its subsidiary PhoneX, Inc. In either case, the Company maximizes the value of these devices by listing them on its online platform, located at www.WeSellCellular.com, where small retailers and distributors can purchase high volumes of inventory in a cost effective manner, while minimizing risk.
Cautionary Note Regarding Forward-Looking Statements.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company’s expectations regarding its repurchasing its common stock. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about the future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include factors which affect the market for used cell phones and other devices, general economic conditions and the Company’s relationship with its key customer. Any forward-looking statement made by us herein 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.
Chief Executive Officer
SOURCE: PhoneX Holdings, Inc.
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