Quotesmith.com happy to announce Share Repurchase Program
Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 10/30/2000
Quotesmith.com Announces Share Repurchase Program
DARIEN, Ill., Oct. 30 /PRNewswire/ -- Quotesmith.com, (Nasdaq: QUOT), the buyer-driven insurance exchange which provides instant auto, life, health and dental insurance quotes from more than 300 leading insurance companies, announced that its Board of Directors has authorized the repurchase of up to 3.5 million shares of common stock representing up to 18% of the total 19.2 million shares outstanding. The Board approved immediate commencement of the repurchase program as conditions warrant.
The company said any future purchases may occur from time to time in open-market, block purchases or in negotiated transactions using available cash over the next 12 months. No date was established for the completion of the program.
Quotesmith.com owns and operates the industry's largest and most comprehensive insurance price comparison service. At www.quotesmith.com insurance shoppers can instantly view the best prices being offered by more than 300 leading auto, life, health and dental insurance companies, achieve maximum savings and have the freedom to buy from the company of their choice. Quotesmith.com guarantees and backs the accuracy of all of its quotes with a $500 cash reward program. Quotesmith.com also provides personalized customer service assistance and policy placement services for its customers. Quotesmith.com generates revenues from the receipt of commissions and fees paid by insurance companies. Shares of Quotesmith.com trade on the Nasdaq Exchange under the symbol "QUOT."
Cautions about Forward-Looking Statements
This announcement may contain forward-looking statements that involve risks, assumptions and uncertainties pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This announcement also contains forward-looking statements about events and circumstances that have not yet occurred and may not occur. Expressions of future goals and similar expressions including, without limitation, "may," "will," "believes," "should," "could," "hope," "expects," "expected," "does not currently expect," "anticipates," "predicts," "potential" and "forecast," reflecting something other than historical fact, are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Investors should be aware that actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. Reported Web site activity and/or quotes are not necessarily indicative of any present or future revenue. The Company will not necessarily update the information in this press release if any forward- looking statement later turns out to be inaccurate. Potential risks and uncertainties include, among others, Quotesmith.com's limited e-commerce operating history, anticipated losses, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, consumer trends, competition, risks of system interruption, the evolving nature of its business model, the increasingly competitive online commerce environment, dependence on continuing growth of online commerce and risks associated with capacity constraints and the management of growth. More information about potential factors that could affect the company's financial results is included in the company's Annual Report on Form 10-K for the year ended December 31, 1999, which is on file with the United States Securities and Exchange Commission. Some insurance companies appear at Quotesmith.com for purely informational purposes only and pay no compensation to Quotesmith.com and some insurers pay commissions or fees to Quotesmith.com based upon premium volume or traffic activity produced by Quotesmith.com. Quote availability by state or any other factor is subject to change without notice. Quotesmith.com is a service mark of Quotesmith.com, Inc. All other names are trademarks of their respective owners. SOURCE Quotesmith.com
CONTACT: David Vickers, Senior Vice President, CFO of Quotesmith.com, Inc., 630-515-0170, ext. 210, email, email@example.com/