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iPass has already executed on its commitment to distribute $20 million of capital to stockholders through a special $0.32 per share cash dividend that was paid in September 2009; this second $20 million distribution will be comprised of two parts: (i) a special cash dividend of $10 million or $0.16 per share, and (ii) the launching of a $10 million stock repurchase program.
The special cash dividend of $10 million or approximately $0.16 per share will be paid in the fourth quarter of 2009; the record date for the special cash dividend is December 4, 2009 and the payment date will be December 18, 2009. The special cash dividend is anticipated to be a return of capital to stockholders in 2009.
The $10 million stock repurchase program goes into effect on November 15, 2009 and extends through March 31, 2011. Under the terms of the program, iPass may purchase up to $10 million of its common stock through open market, block and/or negotiated trades. Additionally, in the event that the full $10 million has not been used to repurchase the company's stock by March 31, 2011, the company has committed to dividend to stockholders any remaining balance by April 15, 2011.
In connection with this plan, iPass also announced today that the company and Foxhill Capital amended the terms of their agreement to provide iPass with the ability to structure this $20 million distribution of capital through a combined cash dividend and stock buyback program.
iPass had approximately $50 million in cash, cash equivalents and short-term investments at September 30, 2009 and approximately 62.3 million shares of common stock outstanding as of September 30, 2009.
About iPass
iPass helps enterprises unify the management of remote and mobile connectivity and devices. With iPass software and services, customers can create easy-to-use broadband solutions for their mobile workers, home offices and branch and retail locations, complete with device management, security validation and unified billing. iPass offerings are powered by its leading global virtual network, on-demand management platform, and award-winning client software. The iPass global virtual network unifies hundreds of wireless, broadband and dial-up providers in over 160 countries. Hundreds of Global 2000 companies rely on iPass services, including Ford, Nokia, and Procter & Gamble. Founded in 1996, iPass is headquartered in Redwood Shores, California, with offices throughout North America, Europe and Asia. For more information, visit www.ipass.com.
Cautionary Statement
The stock repurchase program described above is subject to certain conditions being met, such as the ability to return capital as permitted by law, which if they do not occur may result in no amounts, or a lesser amount, being returned to stockholders in the form of a stock repurchase or other form than currently anticipated.
NOTE: iPass(TM) is a registered trademark of iPass Inc.
Contacts Investor Relations ir@iPass.com 650-232-4317
SOURCE: iPass Inc.
mailto:ir@iPass.com
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