Exxe Group Board of Directors Authorizes and Approves Common Share Repurchase Plan
- Board approves and authorizes a Common Share Repurchase Plan (CSRP)
- Instructs the establishment of a dedicated CSRP bank account at TDBank
- The company anticipates resulting improvements to the capital structure
NEW YORK, NY / ACCESSWIRE / October 18, 2023 / Exxe Group, Inc. (OTC PINK:AXXA), ("Exxe" or the "Company"), a diversified fintech acquisitions company, is pleased to announce its Board of Directors has passed Board Resolutions that authorize and create an Exxe Common Share Repurchase Plan (the "CSRP").
As part of the CSRP, the Exxe Board has granted authorization and instructed the Executive Management team to establish a dedicated bank account at TDBank with funds exclusively earmarked for Exxe Common Share repurchases.
The Common Share Repurchase Plan will allow the Company to initiate repurchases of Exxe Group Common Shares at the Company's discretion. Establishing the dedicated bank account now ensures funds will be available for use to execute share repurchases subsequent to market announcements.
The Board has also reviewed the entire plan to ensure that the CSRP is fully aligned with the long-term vision of improving shareholder value. The Board anticipates the CSRP to result in improvements to the Company's capital structure, as well as to strengthen the company's financial foundation.
Further information about the Common Share Repurchase Plan will be presented in Exxe Group's Second Quarter (2Q2024) Report. The Report is currently scheduled for a release window sometime between November 15-18, 2023.
Dr. Eduard Nazmiev, CEO of Exxe Group stated: "The Common Share Repurchase Fund strategy is part of a broader initiative intended to deliver improvements for both shareholders and the Company as a whole. The CSRP underscores our unwavering commitment to enhancing shareholder value, while maintaining a responsible approach to capital allocation. We firmly believe that this initiative perfectly aligns with our long-term vision and steadfast commitment to prudent financial management."
The Company plans to release additional information on the CSRP following the Second Quarter Report.
About Exxe Group
Exxe Group Exxe is a diversified fintech company with assets in real estate, architectural design, automotive, medical, media, agriculture, and trading technology. Exxe Group acquires controlling equity interests in undervalued assets and undertakes an active role in improving their performance - accelerating their growth by providing both access to capital and management expertise. For additional information please visit the Company's:
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Exxe Group IR: [email protected]
SOURCE: Exxe Group, Inc.
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