Premier Exhibitions, Inc. (PRXI) said Monday that its Board of Directors has authorized a stock repurchase plan pursuant to which the company may repurchase up to 1.5 million shares of outstanding common stock.
The authorization will terminate upon completing the repurchase plan or when otherwise terminated by the Board of Directors.
Mark Sellers, Chairman of the Board of Directors, said, "Today's announcement is indicative of the improvement in our financial condition and our positive outlook for the future. Over the past several years, we have substantially enhanced our performance and strengthened our balance sheet and are confident in our ability to execute on our growth strategy. This authorization is also consistent with our ongoing commitment to enhance long-term returns for our shareholders."
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