OptimizeRx Authorizes $20 Million Share Repurchase Program

Rhea-AI Summary

OptimizeRx Corp (Nasdaq: OPRX) has announced a share repurchase program authorized by its Board of Directors, allowing the company to buy back up to $20 million of its outstanding common stock. CEO Will Febbo indicated this decision reflects the company's commitment to disciplined capital allocation aimed at enhancing shareholder returns. The repurchase aims to strengthen shareholder value while ensuring sufficient working capital for future growth initiatives, including organic growth and potential M&A activities.

Positive

• Share repurchase program allows for up to $20 million in stock buybacks, enhancing shareholder value.
• Indicates management's confidence in the company's financial strength and future growth potential.

Negative

• None.

ROCHESTER, Mich., May 17, 2022 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of point-of-care technology solutions helping patients start and stay on therapy, announced today that its Board of Directors has unanimously authorized a share repurchase program, under which OptimizeRx may repurchase up to $20 million of its outstanding common stock.

Will Febbo, OptimizeRx CEO commented, "The authorization of the buyback reflects our focus on disciplined capital allocation strategies to drive shareholder returns. The share buyback program highlights the conviction our Board has in our Company’s outlook, financial strength, industry positioning, and dedication to drive value for our various stakeholders.”

“We intend to opportunistically repurchase shares of our common stock, while maintaining a strong working capital position to fuel our future growth. We will maintain our focus on both organic growth and M&A activity and believe we have ample cash to do both." concluded Mr. Febbo.

About OptimizeRx
OptimizeRx is the best-in-class health technology company enabling care-focused engagement between life sciences organizations, healthcare providers, and patients at critical junctures throughout the patient care journey. Connecting over 60% of U.S. healthcare providers and millions of their patients through the most intelligent technology platform embedded within a proprietary digital point-of-care network, OptimizeRx helps patients start and stay on their medications.

For more information, follow the company on Twitter, LinkedIn or visit www.optimizerx.com.

Important Cautions Regarding Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans and future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. These statements are neither promises nor guarantees and involve risks and uncertainties, some of which cannot be predicted, or quantified. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. Future events and actual results could differ materially from those set forth in, contemplated or implied by, or underlying the forward-looking statements, including, without limitation, risks relating to the Company’s ability to implement and make appropriate, timely and beneficial decisions as to when, how and if to purchase shares under the repurchase program. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

OptimizeRx Contact
Andy D’Silva, SVP Corporate Finance
adsilva@optimizerx.com

Media Relations Contact
Maira Alejandra, Media Relations Manager
malejandra@optimizerx.com

Investor Relations Contact
Ashley Robinson
LifeSci Advisors, LLC
arr@lifesciadvisors.com

FAQ

What is the purpose of OptimizeRx's share repurchase program?

The share repurchase program aims to enhance shareholder value and reflects the Board's confidence in the company's financial strength.

How much stock will OptimizeRx repurchase?

OptimizeRx is authorized to repurchase up to $20 million of its outstanding common stock.

What does the share buyback mean for OptimizeRx's stock price?

The buyback program is intended to increase shareholder returns, which may positively influence the stock price.

When was the share buyback program announced?

The share buyback program was announced on May 17, 2022.

Who is the CEO of OptimizeRx?

Will Febbo is the CEO of OptimizeRx.