COLUMBIA, Md., Aug. 5, 2013 /PRNewswire/ -- Global performance improvement solutions provider GP Strategies Corporation (NYSE: GPX) announced today that its Board of Directors has authorized a $5 million share repurchase program. GP Strategies' share repurchase program allows management, at its discretion, to repurchase shares from time to time in the open market subject to market conditions and other factors.
Scott Greenberg, Chief Executive Officer, commented "We believe that the share repurchase program reflects confidence in the Company and our commitment to increasing shareholder value. The buyback program allows the Company flexibility to repurchase shares at its discretion, while maintaining sufficient liquidity to invest in strategic growth initiatives."
The Company expects to fund share repurchases using cash generated from operations and borrowings under its $50 million credit facility. The repurchases will be made at management's discretion in accordance with applicable federal securities law. The amount and timing of share repurchases will depend on a variety of factors, including market conditions and prevailing stock prices. The share buyback authorization does not obligate the Company to acquire any specific number of shares in any period, and may be modified, suspended or discontinued at any time at the discretion of the Company's Board of Directors.
About GP Strategies
GP Strategies Corporation (NYSE: GPX) is a global performance improvement solutions provider of training, eLearning solutions, management consulting and engineering services. GP Strategies' solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at www.gpstrategies.com.
We make statements in this press release that are considered forward-looking statements within the meaning of the Securities Exchange Act of 1934. These statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
© 2013 GP Strategies Corporation. All rights reserved. GP Strategies and the GP Strategies logo design are trademarks of GP Strategies Corporation.
SOURCE GP Strategies Corporation