Zoned Properties Announces $1 Million Share Repurchase Program

Share Repurchase Program Reflects Company's Strong Operational Cash Flow Generation, Robust Balance Sheet and Commitment to Driving Shareholder Value

SCOTTSDALE, AZ / ACCESSWIRE / April 23, 2024 / Zoned Properties, Inc. ("Zoned Properties" or the "Company") (OTCQB:ZDPY), a leading real estate development firm for emerging and highly regulated industries, including legalized cannabis, today announced that its Board of Directors has approved a stock repurchase program, pursuant to which the Company is authorized to purchase up to $1 million of its common stock over an unlimited time period.

"As our business continues to outperform in a challenging overall operating environment, we are thrilled to announce this share repurchase program. The approval of this program demonstrates the management team's and board's confidence in our prospects for the future, ongoing operational strength, and sound capital structure. As we scale the investment portfolio, we are keeping conservative in our capital allocation strategy while also acknowledging the significant valuation gap between our public valuation and tangible book value. Due to this, it is crucial for us to be adaptable and make sure we are doing everything possible to increase shareholder value. As always, we remain committed in our strategic focus, and look forward to updating shareholders on our progress," said Bryan McLaren, Chief Executive Officer of Zoned Properties.

Under the share repurchase program, the Company may repurchase shares from time to time in the open market at prevailing market prices, in privately negotiated transactions, pursuant to one or more Rule 10b5-1 plans, or otherwise. Repurchases under the share repurchase program will be in accordance with the terms of Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended, and will be made in accordance with applicable laws and regulations in effect from time to time. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including our assessment of the intrinsic value of the Company's common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, applicable legal requirements, the nature of other investment opportunities available to the Company, and other considerations. The Company is not obligated to purchase any shares under the repurchase program, and the program may be suspended, modified, or discontinued at any time without prior notice. The Company expects to fund the repurchases by using cash on hand and expected free cash flow to be generated in the future.