Travelzoo Inc. announced that its board of directors has authorized the repurchase of up to 1 million of the company's outstanding common shares.

Purchases may be made, from time to time, in the open market and will be funded from available cash. The number of shares to be purchased and the timing of purchases will be based on the level of Travelzoo's cash balances, general business and market conditions, and other factors, including alternative investment opportunities.

Ralph Bartel, Travelzoo's chief executive officer, said: "This share repurchase program demonstrates our commitment to optimize the use of excess capital and to maximize shareholder value."