KVH Announces Purchase and Sales Agreements for Rhode Island Office and Factory, Approval for Share Buyback Program

Core Viewpoint - KVH Industries, Inc. has announced the sale of its Rhode Island office and factory, expecting to generate approximately $12 million for working capital and strategic opportunities, while also initiating a share repurchase program of up to$10 million [2][5]. Group 1: Property Sales - KVH has entered into a purchase and sale agreement with Knight Capital LLC to sell its property at 75 Enterprise Center, Middletown, Rhode Island, for $8.5 million, including related buildings and assets [2][4]. - The company will remain a tenant under a triple-net lease for an initial term of six months, with the option to extend for an additional three months as it transitions to a new headquarters [3]. - A second agreement was made with 50 Enterprise LLC, a subsidiary of Seacorp, Inc., to sell its property at 50 Enterprise Center for$4.5 million, also including related buildings and assets [4]. Group 2: Share Repurchase Program - The Board of Directors has authorized a share repurchase program allowing the company to buy back up to $10 million of its common stock [5]. - The repurchase may occur through various means, including open market purchases and privately negotiated transactions, with management having discretion over the timing and volume [6]. - The program does not obligate KVH to repurchase a minimum number of shares and can be modified or terminated at any time [6].