Utilizing Proceeds from Completed Divestitures, Startek Further Improves Balance Sheet and Liquidity Position
“Over the last several months, Startek made two strategic divestitures that generated a significant amount of cash flow for the Company,” said
Upon further review of the Company’s capital allocation strategy amidst these de-leverage initiatives, Startek’s board of directors has authorized a new
Rao continued, “As we’ve made meaningful improvements to our balance sheet, our board has been evaluating our capital allocation priorities. While we continue to expect to make accelerated investments in sales, digital and IT upgrades, we also believe that Company shares represent an attractive investment opportunity at the prevailing share price. We will therefore expect to begin utilizing the repurchase program as soon as possible. We look forward to executing against our strategic roadmap with a new brand identity and the strongest balance sheet we’ve seen in five years, which we believe can return Startek to growth and deliver long-term shareholder value.”
For more than 35 years, Startek has delivered customer experience (CX) excellence for the world’s leading brands. Spread across 12 countries, our 38,000 associates create memorable, personalized experiences in both voice and non-voice channels. Our clients span from fortune 500s to fast-growing startups in a diverse range of industries including cable, media and telecom; travel and hospitality; retail and e-commerce and banking and financial services.
By creating closer connections, Startek delivers value for our clients, opportunity for our people and sustainable growth for our shareholders.
To learn more visit www.startek.com and follow us on LinkedIn @Startek.
The matters regarding the future discussed in this news release include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are intended to be identified in this document by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “objective,” “outlook,” “plan,” “project,” “possible,” “potential,” “should” and similar expressions. As described below, such statements are subject to a number of risks and uncertainties that could cause Startek's actual results to differ materially from those expressed or implied by any such forward-looking statements. Readers are encouraged to review risk factors and all other disclosures appearing in the Company's Form 10-K for the fiscal year ended
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