Board Authorizes a $10 Million Enhance to Widespread Inventory Repurchase Plan
Firm has Repurchased Roughly $20 million in Shares Since November 2021
COS COB, Conn., Feb. 28, 2022 (GLOBE NEWSWIRE) — Hen Soup for the Soul Leisure, Inc. (Nasdaq: CSSE) (“the Firm”), one of many largest operators of streaming advertising-supported video-on-demand (“AVOD”) networks, at present introduced that its board of administrators authorised a further $10 million to its widespread inventory repurchase program.
Since November 2021, the Firm has repurchased a complete of 1,520,168 shares in open-market transactions for roughly $19.9 million, finishing its prior repurchase authorization of as much as $20 million. The Firm anticipates that any potential further repurchase exercise would even be carried out opportunistically, in open-market transactions.
“Immediately’s elevated repurchase authorization displays continued confidence within the execution of our strategic plan to construct the perfect AVOD. We achieved an amazing deal over the previous yr, constructing the infrastructure and capabilities that may allow us to scale the enterprise meaningfully over time. Immediately we now have an extremely strong library of content material and, with our just lately improved expertise and skill to launch unique and unique programming on no less than a weekly foundation going ahead, we’re poised to seize the super alternative we see throughout the thriving streaming trade,” stated Chris Mitchell, chief monetary officer for Hen Soup for the Soul Leisure.
ABOUT CHICKEN SOUP FOR THE SOUL ENTERTAINMENT
Hen Soup for the Soul Leisure, Inc. (Nasdaq: CSSE) (the “Firm”) operates streaming video-on-demand networks (VOD). The Firm owns Crackle Plus, which owns and operates quite a lot of ad-supported and subscription-based VOD networks together with Crackle, Hen Soup for the Soul, Popcornflix, Popcornflix Children, Truli, Pivotshare, Españolflix and FrightPix. The Firm additionally acquires and distributes video content material by means of its Display screen Media subsidiary and produces unique video content material by means of the Hen Soup for the Soul Tv Group. Hen Soup for the Soul Leisure is a subsidiary of Hen Soup for the Soul, LLC, which publishes the well-known e book sequence and produces super-premium pet meals underneath the Hen Soup for the Soul model identify.
This press launch contains forward-looking statements throughout the that means of the federal securities legal guidelines. Ahead-looking statements are statements that aren’t historic details. These statements are primarily based on varied assumptions, whether or not or not recognized on this press launch, and on the present expectations of administration and aren’t predictions of precise efficiency. Such assumptions contain plenty of recognized and unknown dangers and uncertainties, together with however not restricted to our core technique, working earnings and margin, seasonality, liquidity, together with money flows from operations, accessible funds, and entry to financing sources, free money flows, revenues, web earnings, profitability, inventory worth volatility, future regulatory adjustments, worth adjustments, the power of the Firm’s content material choices to realize market acceptance, the Firm’s success in retaining or recruiting officers, key workers, or administrators, the power to guard mental property, the power to finish strategic acquisitions, the power to handle development and combine acquired operations, the power to pay dividends, regulatory or operational dangers, and normal market circumstances impacting demand for the Firm’s companies. For a extra full description of those and different dangers and uncertainties, please refer the Firm’s Annual Report on Type 10-Okay for the yr ended December 31, 2020, filed with the SEC on March 31, 2021, and for additional data relating to our latest acquisition of the Sonar library and associated property, please see our Present Experiences on Type 8-Okay, as amended, filed with the SEC on Could 27, 2021 and July 1, 2021. If any of those dangers materialize or our assumptions show incorrect, precise outcomes might differ materially from the outcomes implied by these forward-looking statements. These forward-looking statements converse solely as of the date hereof and the Firm expressly disclaims any obligation or enterprise to launch publicly any updates or revisions to any forward-looking statements contained herein to replicate any change within the Firm’s expectations with respect thereto or any change in occasions, circumstances or circumstances on which any assertion relies.