May 14, 201208:59 AMDaily Biz Briefs
Marchex increasing share repurchase
Marchex Inc.'s board of directors has approved a 1 million share increase to the company’s ongoing share repurchase program. The increase is in addition to the about 1 million share authorization that was remaining under the program as of May 11.
The share repurchase program authorizes the purchase of the company's Class B common stock through open market and privately negotiated transactions.
“Based on the company’s strong cash generating capabilities we believe Marchex has the flexibility to be opportunistic with respect to share repurchases in the future,” said Mike Arends, chief financial officer. “We continue to believe Marchex is well positioned as a leader in the emerging performance-based mobile advertising market and the current stock price does not reflect the substantial progress we’ve made building a strong business, nor does it reflect the underlying asset value of the company.”
Seattle-based Marchex is mobile and online advertising company.