BROOMFIELD, Colo., May 25, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- Industrial Nanotech Inc, (Pink Sheets: INTK), a global nanoscience solutions and research leader, today announces the launch of a stock buyback program effective June 1, 2022. The purpose of the program is to reduce the total amount of issued and outstanding shares of common stock of the Company, enhance shareholder value, and strategically position the Company for up-listing to a more senior exchange in early 2023.
The stock buyback program will allow Industrial Nanotech Inc. to repurchase shares of the Company’s common stock. The frequency and amount of the stock buyback will be determined by U.S. Securities and Exchange Commission (SEC) regulations and revenue. The decision to execute the stock buyback program in 2022 instead of 2023 is a result of the company’s financial performance data released on May 17 for the first quarter of 2022. Industrial Nanotech posted a Q1 2022 quarterly revenue record of over $3 million, up 678% on the previous quarter (Dec. 31, 2021) of $385,793, and a net profit of $1,637,412, achieving the most positive quarter result ever recorded in the company’s history.
Stuart Burchill, CEO of Industrial Nanotech, states, “By using our strong balance sheet to reduce the number of outstanding common shares, we can increase shareholder value, while maintaining sufficient cash reserves to fund our global business operations. We will buy back as many shares as possible and as fast as we can.”
Burchill continues, “Under the program, stock buybacks will be made according to very specific terms and provisions to comply with the rules and regulations outlined by the SEC and all other applicable legal requirements. We believe the stock buyback program demonstrates our continued commitment to deliver long-term shareholder value.”
Despite the current economic climate, Industrial Nanotech, Inc. continues to deliver strong financial performance, due in part to its unique business model and value-added products.
Facts about stock buybacks include:
- A stock buyback occurs when a company buys back its shares from the marketplace.
- The effect of a buyback is to reduce the number of outstanding shares on the market, which increases the ownership stake of the stakeholders.
- A company might buy back shares because it believes the market has discounted its shares too steeply, to invest in itself or to improve its financial ratios.
About Industrial Nanotech, Inc.
Industrial Nanotech Inc. is a global nanoscience solution and product development leader. See www.industrial-nanotech.com for more information.
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Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic and business conditions, and the ability to attract and retain skilled personnel. The Company is not obligated to revise/update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.
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