LifeVantage Announces Shares Repurchase Program
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SALT LAKE CITY, Dec 14, 2012 -- LifeVantage Corporation, a company dedicated to helping people achieve healthy living through a combination of a compelling business opportunity and scientifically validated products, including its patented dietary supplement Protandim(R), the Nrf2 Synergizer(R), announced today that its Board of Directors approved a share repurchase program that authorizes the Company to utilize up to $5 million to purchase shares of its common stock. Any such repurchases will be made out of existing cash or free cash flow from continuing operations.
The repurchase program permits LifeVantage to purchase shares from time to time through a variety of methods, including in the open market, through privately negotiated transactions or other means as determined by the company's management, in accordance with applicable securities laws. As part of the repurchase program, the Company expects that it will enter into a pre-arranged stock repurchase plan which would operate in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934. Accordingly, transactions, if any, under the pre-arranged repurchase plan would be effected in accordance with the terms of the stock repurchase plan, including specified price, volume and timing conditions.
"Given the underlying strength of our business and the recent turbulence in the equity markets, we believe the stock buy-back program is in the best interests of our stockholders," Douglas C. Robinson, LifeVantage President and CEO, stated. "We intend to implement this buyback program while maintaining sufficient resources to continue to improve our balance sheet and invest in future expansion opportunities."