ENCINO, Calif., Nov. 17, 2014 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS), a pioneer in facilitating the flow of information from publishers of scientific, technical and medical (STM) content to life science, academic, and other research intensive organizations, today announced that its Board of Directors has authorized a stock repurchase program for the purpose of repurchasing up to $250,000 of the company's common stock.
"This repurchase program reflects the confidence of the board and management in the strength of our business, and represents a part of our long term strategy to enhance shareholder value," said Peter Derycz, Research Solutions president and CEO. "We are able to institute the stock repurchase program and maintain sufficient capital for operations and innovation."
The actual timing, number and value of shares repurchased under the program will be determined by the company's management at its discretion, and will depend on management's evaluation of market conditions and other factors. The company has no obligation to repurchase any shares under this authorization, and the repurchase program may be suspended, discontinued or modified at any time, for any reason and without notice. The repurchase program will be administered in accordance with guidelines specified under Rule 10b-18 of the Securities and Exchange Act of 1934, as amended, and consistent with the company's policies regarding stock transactions.
In connection with the repurchase program, the Board of Directors has also approved the adoption of a written trading plan in accordance with the guidelines specified under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. A plan under Rule 10b5-1 would allow the Company to repurchase shares at times when it might otherwise be prevented from doing so by securities laws or because of self-imposed trading blackout periods. Repurchases made under a Rule 10b5-1 plan would be subject to the Securities and Exchange Commission's regulations, as well as certain price, market, volume, and timing constraints specified in such plan. Any such plan will be implemented at management's discretion.
The shares authorized to be repurchased under the repurchase program may be purchased from time to time at prevailing market prices, through open market or negotiated private transactions, depending upon market conditions. The repurchase program will be funded using the Company's working capital. There is no guarantee as to the exact number of shares that will be repurchased by the Company, and the Company may discontinue repurchases at any time that management determines additional repurchases are not warranted.
About Research Solutions
Research Solutions, Inc. (OTCQB:RSSS) and its wholly-owned subsidiary Reprints Desk, Inc. (www.reprintsdesk.com) are pioneers in facilitating the flow of information from the publishers of scientific, technical, and medical (STM) content to enterprise customers in life science, academic, and other research intensive organizations. Our customers include 70% of the top 25 pharma companies in the world. Our cloud based software-as-a-service (SaaS) solution, Article Galaxy, provides customers with access to hundreds of thousands of newly published articles each year in addition to the tens of millions of existing articles that have been published in the past, helping them to identify the content that is critical to their research. We have arrangements with numerous STM content publishers that allow electronic access and distribution of their content. In addition to serving end users of content, we also serve STM publishers by facilitating compliance with applicable copyright laws.
About Reprints Desk®
Reprints Desk improves how journal articles and clinical reprints are accessed, procured, and legally used in evidence-based promotions, medical affairs, and scientific, technical, and medical (STM) research. Organizations fueled by intellectual property choose Reprints Desk because of its collaborative business approach, efficient article supply system and services, and commitment to quality post-sales support. Reprints Desk has ranked #1 in the every Document Delivery Vendor Scorecard from industry analyst and advisory firm Outsell Inc. since 2008.
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission, including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release include statements related to proposed repurchases of the Company's common stock. The Company assumes no obligation to update the cautionary information in this release.
SOURCE Research Solutions, Inc.