SHORT HILLS, NJ--(Marketwired - Jan 28, 2016) - Umbra Applied Technologies Group, Inc. (OTC: UATG) UATG's Chief Executive Officer Alex Umbra just announced a new share repurchase program at a morning conference call. The company announced that the Company's Board of Directors approved the repurchase of up to two million dollars in stock. This buyback represents the company's confidence in the company's future and gratitude for supporting shareholders of Umbra Applied Technologies Group, Inc. Umbra announced the new repurchase program for up to $2 million of the Company's common stock over the next 24 months. Share repurchases will be made periodically through open market transactions at prevailing market prices, or in privately negotiated transactions. UATG said it hopes the new program will help offset "future employee equity grants and employee stock purchase programs." Umbra assured investors the company continues to develop and maintain "strategic product lines from various market segments" and "will continue to improve its cash position to maintain operations."
In addition, due to the company's anticipated release of its flagship UBR-16 and PRP-30 battle rifles, the Company's Board of Directors felt the timing was impeccable to repurchase as the company and shareholders should benefit greatly from the product release and strengthened metrics. Alex Umbra, Chairman and founder of Umbra Applied Technologies stated, "This new stock repurchase program is aligned with our capital allocation strategy and reflects the confidence that our Board of Directors and management team have in UATG's outlook and further demonstrates our commitment to driving shareholder value."
Umbra continued, "Our 2015 calendar year was a major stepping stone and contributor to the company's forward trajectory. With the completion of our multiple elite battle rifles, combined with the efforts put forth towards getting the company fully compliant and audited for an up list, we believe 2016 will be one of the most marquee years to date."
Alex also states, "We believe that our commitment to designing and manufacturing superior products that exceed industry standards and create benchmarks for others to aspire to has placed UATG in the unique position of supplying this country's military and law enforcement with the finest tools available to aid in the very difficult job of keeping us safe. Given the strong positive feedback we have received from multiple government agencies and law enforcement throughout the country, we believe to have the highest quality, state of the art and most reliable conventional weapons platforms available today. As we work together to build a strong financial position in the years ahead, we feel this repurchase announcement will be the first step to facilitating that objective. We are pleased to announce the company's buyback program and together; we will continue to demonstrate our commitment to increasing shareholder value."
The repurchase of any shares under the new stock repurchase program will be subject to restrictions under insider trading laws and the Company's self-imposed blackout periods.. All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the Company.
Forward-Looking and Cautionary Statements: This press release contains "forward-looking" statements that are based on present circumstances and on Umbra Applied Technologies Group predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements, including any statements regarding the plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements.
Forward-looking statements are made only as of the date of this release and Umbra Applied Technologies does not undertake and specifically declines any obligation to update any forward-looking statements. Readers should not place undue reliance on these forward-looking statements.