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The OLB Group has announced a stock buyback program authorized by its Board of Directors, allowing for the repurchase of up to 1,000,000 shares. CEO Ronny Yakov highlighted that the company, with no corporate debt and a low market valuation, sees this as a chance to enhance shareholder value. As of March 31, 2022, OLB had $4 million in cash with a projected annual revenue run rate between $36 million and $38 million by year-end. The buyback will be executed at the Board's discretion, depending on market conditions and cash availability.
Positive
Authorized a share repurchase program up to 1,000,000 shares.
No corporate debt as of March 31, 2022.
Projected revenue run rate of $36-$38 million for 2022.
Cash on hand of $4 million as of March 31, 2022.
Opportunity to enhance shareholder value due to low market valuation.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
The OLB Group, Inc., (NASDAQ:OLB), a diversified Fintech eCommerce merchant services provider and cryptocurrency mining enterprise, announced today that its Board of Directors has authorized a share repurchase program of up to 1,000,000 million shares of its outstanding shares of common stock.
Ronny Yakov, CEO of OLB Group, said, “Our Board of Directors has authorized this stock buyback to exercise our financial flexibility to buy our common stock from time to time as market conditions warrant. With no outstanding corporate debt and a, historically low, market valuation of 0.4 times projected 2022 revenue of $35 million, the Company sees an opportunity to reduce its shares outstanding at very attractive valuations."
The Board authorized the Company to purchase its common stock periodically on a discretionary basis through open-market purchases utilizing existing cash balances. The amount and timing of purchases under the share buyback program is contingent upon cash on hand, cash flows from operations, general market conditions and other factors. The program is anticipated to commence following the release of OLB’s second quarter financial statements in August. The program does not require the Company to acquire a minimum amount of its common stock, has no set termination date and may be suspended or discontinued by the Board of Directors at any time.
Other Business Updates:
No corporate debt as of March 31, 2022
Projects positive cash flow by end of 2022
$4 million cash on hand as of March 31, 2022
Insider Share Ownership Approximately 32%
Diversified revenue sources (eCommerce merchant services and Bitcoin mining)
98% of revenue earned from profitable eCommerce operations
Annualized revenue run rate at $36 Million vs. 2021 revenue of $9.6 Million
As of July 7, 2022, company market valuation less than $14 Million and Price to Sales Ratio of 0.4
Increase in revenues projected from organic growth, acquisitions, new initiatives in crypto payments and Bitcoin mining
eCommerce and Bitcoin mining annualized revenue run rate projected to be between $36 million and $38 million by the end of 2022
Future OLB Press Releases and Updates
Interested investors or shareholders can be notified of future Press releases and Industry Updates by e-mailing: ir@olb.com
About The OLB Group, Inc.
The OLB Group, Inc. is a diversified Fintech eCommerce merchant services provider and Bitcoin crypto mining enterprise. The Company's eCommerce platform delivers cloud-based merchant services for a comprehensive digital commerce solution to over 10,500 merchants in all 50 states. DMint, a wholly owned subsidiary of OLB Group, is engaged in the mining of Bitcoin utilizing sustainable natural gas with an initial deployment of efficient 1,000 ASIC-based S19j Pro 96T mining computers.
All statements from The OLB Group, Inc. in this news release that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the impact of COVID-19 on our operations and financial condition, our ability to implement our proprietary merchant boarding and CRM system and to roll out our Omni Commerce and SecurePay applications, including payment methods, to our current merchants and the integration of our secure payment gateway with our crowdfunding platform, our ability to successfully launch a cryptocurrency mining operation and our ability to earn revenue from the new operations. While the Company’s management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of our control, that could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include statements regarding the expected revenue and income for operations to be generated by The OLB Group, Inc. For other factors that may cause our actual results to differ from those that are expected, see the information under the caption "Risk Factors" in the Company’s most recent Form 10-K and 10-Q filings, and amendments thereto, as well as other public filings with the SEC since such date. The Company operates in a rapidly changing and competitive environment, and new risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. The Company disclaims any intention to, and undertakes no obligation to, update or revise any forward-looking statement.
OLB Group Investor Relations
Rick Lutz IR@OLB.com
(212) 278-0900 Ext. 333
Source: The OLB Group, Inc.
FAQ
What is the purpose of OLB's stock buyback program?
The stock buyback program aims to enhance shareholder value by repurchasing shares at attractive valuations.
How many shares is OLB authorized to repurchase?
OLB has authorized the repurchase of up to 1,000,000 shares of its outstanding common stock.
When is OLB's share repurchase program expected to begin?
The program is anticipated to commence following the release of OLB’s second quarter financial statements in August.
What is OLB's current financial status?
OLB has no corporate debt and had $4 million in cash as of March 31, 2022, with a projected revenue run rate between $36 million and $38 million for 2022.
How does OLB plan to execute the stock buyback program?
The buyback will be conducted periodically through open-market purchases, depending on available cash and market conditions.
