ProPay Inc. to repurchase up to 2.35 million shares

OREM — ProPay Inc. said Monday it will repurchase up to 2.35 million of its shares at $1.70 per share.

If fully subscribed, the offer would reduce the number of outstanding shares by 15 percent at a total cost of about $4 million. The company said the offer will be financed from its existing cash and short term investments.

Privately held ProPay provides payment services to individuals and corporations, including merchant account capabilities, stored value cards, commission payment systems and other payment Intranet solutions.