Power of PAYBOX®
Direct Insite Announces Stock Repurchase Program
FORT LAUDERDALE, Fla., June 3, 2015 (GLOBE NEWSWIRE) -- Direct Insite Corp. (OTCQB:DIRI), provider of the PAYBOX® integrated receivables platform, announced today that its Board of Directors has authorized the company to repurchase up to $200,000 in shares of DIRI common stock from time to time over the next four years in private transactions and in the OTC market place. The repurchases will be funded from available working capital.
"Direct Insite's Board of Directors is confident of the company's continued opportunities for growth after last year's launch of PAYBOX®," said Direct Insite Chairman and CEO Matthew E. Oakes. "The Board's decision is based on their review of Direct Insite's corporate strategy, our capital structure, future earnings expectations and overall confidence in Direct Insite's future."
About Direct Insite
Direct Insite™ provides a powerful platform for unified working capital management that facilitates over $160 billion worth of transactions annually between more than 375,000 companies worldwide. Direct Insite's clients include IBM, Hewlett-Packard, Siemens, BE Aerospace, Saint Gobain, Carlson, and one of the world's largest financial institutions. The flagship component of Direct Insite's unified working capital management platform is PAYBOX®, an integrated receivables solution that combines electronic invoicing, online approvals and adjustments, electronic payments, and integration with any legacy accounting, ERP or lockbox system. PAYBOX® is primarily sold through banks to corporate users of their treasury management and lockbox services. Banks and corporations use PAYBOX® to reduce Days Sales Outstanding, lower costs, and improve straight-through AR posting.