Jersey City-based Single Touch Systems Inc., a technology-based mobile media solutions provider, announced today its board approved a stock buyback program to purchase up to 20 million shares of its common stock in open market transactions or private purchases.
According to the announcement, the company currently has 136 million shares outstanding. The program will commence immediately. Shares bought back under the share repurchase program are to be funded from available working capital, retired, and then returned to the company's treasury.
The company appointed a chief financial officer earlier this month.