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MONTREAL, Dec. 7, 2021 /PRNewswire/ - Resolute Forest
Products Inc. (NYSE: RFP) (TSX: RFP) today announced that
its board of directors authorized the repurchase of up to
$100 million or 10 million of the company's common shares,
whichever occurs first. Repurchase transactions will be funded
using the company's sources of liquidity.
"Today's announcement follows recent completion of the share
repurchase program announced in March
2020, under which we repurchased 11.5 million shares for
$78.3 million, representing 15% of
the outstanding shares," said Remi G.
Lalonde, president and chief executive officer. "This new
program will allow us to continue to act opportunistically to
return capital to shareholders when conditions are right. We remain
committed to a balanced approach to capital allocation, using our
free cash flow to generate value for shareholders, build a stronger
company and drive sustainable economic activity in the communities
where we operate."
Under the new share repurchase program, the company is
authorized to repurchase from time to time shares of its
outstanding common stock on the open market or in privately
negotiated transactions in the United
States. The timing and amount of stock repurchases will
depend on a variety of factors, including market conditions as well
as corporate and regulatory considerations. The share repurchase
program may be suspended, modified or discontinued at any time and
the company has no obligation to repurchase any amount of its
common stock under the program. The repurchase program has no set
expiration date. The company intends to make all repurchases in
compliance with applicable regulatory guidelines and to administer
the plan in accordance with applicable laws, including Rule
10b-8 of the Securities Exchange Act
of 1934, as amended.
Cautionary Statements Regarding Forward-Looking
Information
Statements in this press release that are not reported financial
results or other historical information of Resolute Forest Products
Inc. (with its subsidiaries, "we," "our," "us" or the "company")
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. They include, for
example, statements relating to the company's intention to
repurchase shares of its common stock from time to time under its
stock repurchase program and the source of funding therefor.
Forward-looking statements may be identified by the use of
forward-looking terminology such as the words "should," "would,"
"could," "will," "may," "expect," "believe," "see," "anticipate,"
"continue," "generate," "allow," "maintain," "build," "drive," and
other terms with similar meaning indicating possible future events
or potential impact on our business or our shareholders.
The reader is cautioned not to place undue reliance on these
forward-looking statements, which are not guarantees of future
performance. These statements are based on management's current
assumptions, beliefs, and expectations, all of which involve a
number of business risks and uncertainties that could cause actual
results to differ materially. Such risks and uncertainties include,
among other things, the market price of the company's stock
prevailing from time to time, the nature of other investment
opportunities presented to the company, the company's financial
performance and its cash flows from operations, general economic
conditions, which could adversely affect the company's results of
operations and cash flows. Additional information regarding factors
that may cause actual results to differ materially from these
forward-looking statements are set forth under Part I, Item 1A,
"Risk Factors," of our annual report on Form 10-K for the year
ended December 31, 2020, filed with
the U.S. Securities and Exchange Commission (or, the "SEC")
on March 1, 2021, which have been
heightened by the COVID-19 pandemic, including related governmental
responses and economic impacts, market disruptions and resulting
changes in consumer habits.
All forward-looking statements in this press release are
expressly qualified by the cautionary statements contained or
referred above and in the company's other filings with the SEC and
the Canadian securities regulatory authorities. The company
disclaims any obligation to publicly update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
About Resolute Forest Products
Resolute Forest Products is a global leader in the forest
products industry with a diverse range of products, including
market pulp, tissue, wood products and papers, which are marketed
in over 50 countries. The company owns or operates some 40
facilities, as well as power generation assets, in the United
States and Canada. Resolute has third-party certified
100% of its managed woodlands to internationally recognized
sustainable forest management standards. The shares of Resolute
Forest Products trade under the stock symbol RFP on both the New
York Stock Exchange and the Toronto Stock Exchange.
Resolute has received regional, North American and global
recognition for its leadership in corporate social responsibility
and sustainable development, as well as for its business practices.
Visit www.resolutefp.com for more information.
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SOURCE Resolute Forest Products Inc.