On Thursday, May 9, 2019, 9:47:11 AM EDT, trade.io [email protected] wrote:
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2,500,000 TIOx Buyback Completed.
Additional 2,500,000 TIOx Buyback Authorized.
Dear TIOnauts,
trade.io is pleased to announce the completion of the 2,500,000 TIOx buyback initiated on February 14, 2019. The total amount of TIOx purchased both on the exchange and in private transactions amounted to 2,809,386.
As a result, the Circulating Supply displayed on CoinMarketCap has been updated to 85,733,750 TIOx from the previous figure of 88,543,136 TIOx accordingly.
In addition, the company has been authorized to purchase an additional 2,500,000 TIOx through open market or privately negotiated transactions, continuing the same methods used in the initial buyback.
Of the recently completed initial buyback, CEO Bill Heyn commented:
“We did exceptionally well in terms of accumulating TIOx over the course of the last few months, at competitive prices, while not impacting the orderly trading of the TIOx market.”
On the newly authorized buyback:
“Our outlook on the price of TIOx remains extremely bullish and our balance sheet remains strong, so we are thrilled to have the opportunity to increase our treasury holdings further.
With the imminent launch of fiat and TIOmarkets, along with the corresponding marketing campaigns, we plan to take this opportunity to buy additional TIOx.”
Similar to the initial buyback program, the additional 2,500,000 TIOX buyback program will be financed through free cash flow and any TIOx purchased as part of this program will be held as treasury tokens.
The timing and price of any TIOx that are repurchased under this program will be determined solely by trade.io’s management, at its own discretion, based on its evaluation of market conditions and other factors.
The buyback program may be suspended or discontinued at any time.
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