Livonia, Mich. - Valassis, one of the nation's leading media and marketing services companies, announced today that our Board of Directors approved the reinstatement of our stock repurchase program which was previously suspended. Under the stock repurchase program, up to approximately 6.1 million shares of our common stock remain authorized for repurchase from time to time in open market or privately negotiated transactions.
The stock repurchase program does not obligate us to acquire any particular amount of shares of common stock, and may be modified or suspended at any time at our discretion. Our ability to make such stock repurchases, if any, is limited by the documents governing our outstanding indebtedness. As of today, these limitations would permit us to repurchase shares of our common stock in an aggregate amount of up to $58.4 million during 2010. As a result of the proceeds from our recent litigation settlement being included in our consolidated statement of income for the three months ended March 31, 2010, we currently expect the amount permitted for stock repurchase to be substantially larger in 2011. The foregoing is subject to change and we disclaim any obligation to update or revise this information. The stock repurchases, if any, will be funded from existing cash on hand. As of March 31, 2010, we had approximately $633.0 million of cash and cash equivalents.