SOURCE: Single Touch Systems
JERSEY CITY, NJ--(Marketwired - Oct 29, 2013) - Single Touch Systems, Inc. (OTCBB: SITO), a technology based mobile media solutions provider, today announced its Board of Directors has approved a stock buyback program (the "Share Repurchase") to purchase up to 20 million shares of its common stock in open market transactions or private purchases. The Company currently has 136 million shares outstanding. The program will commence immediately. Shares bought back under the Share Repurchase program are to be funded from available working capital, retired, and then returned to the Company's treasury.
Single Touch President and CEO James Orsini commented, "Our board and management team believe that our Company's near term prospects are not well understood or properly valued in the public market. The authorization of this Share Repurchase program reflects our confidence in Single Touch and its inherent value."
The timing and number of shares purchased will be at the Company's discretion and will depend on available cash, market conditions, and will be subject to applicable securities laws and exchange rules. Single Touch may suspend or discontinue the Share Repurchase program at any time.
About Single Touch Systems, Inc.
Single Touch Systems, Inc. is a technology based mobile solutions provider serving businesses, advertisers and brands. Through patented technologies and a modular, adaptable platform, Single Touch's multi-channel messaging gateway enables marketers to reach consumers on all types of connected devices, with information that engages interest, drives transactions and strengthens relationships and loyalty. For more information about Single Touch Systems, Inc. visit: www.singletouch.net
This news release may contain forward-looking statements that involve risks and uncertainties and reflect Single Touch's judgment as of the date of this release. These statements may include those regarding strategy, growth and future operations. Actual events or results may differ from Single Touch's expectations. The risks and uncertainties include reliance on brand owners and wireless carriers, the possible need for additional capital, as well as other risks identified in Single Touch's filings with the SEC. Single Touch disclaims any intent or obligation to update these forward-looking statements beyond the date of this press release, except as may be required by law.