Pixelworks Inc. (NASDAQ: PXLW) announced its board of directors approved a $5 million stock repurchase program on March 30. The two-year program begins May 15 and represents the company's first stock buyback initiative.

The visualization technology company reported a projected cash position of approximately $58 million as of March 31. Chairman and CEO Todd DeBonis stated the repurchase program reflects the board's confidence in the company's strategy as a technology licensing business.

Under the program, Pixelworks may repurchase shares through open market transactions, block trades, or privately negotiated deals, subject to federal securities law requirements. The timing and quantity of share repurchases will be determined at management's discretion. The company may also establish Rule 10b5-1 trading plans in connection with the program.

Pixelworks specializes in cinematic visualization solutions and content processing technology for consumer electronics, professional displays, and video streaming services. The Portland, Oregon-based company has operated in the image processing sector for more than 20 years.

The information is based on a company press release statement.