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NanoTech Entertainment (NTEK) Completes Buyback Of Ten Percent Of Its Common Stock
NanoTech Entertainment (NTEK) Completes Buyback Of Ten Percent Of Its Common Stock.
About this update from Nanotech Entertainment Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\nNanoTech Entertainment (NTEK) Completes Buyback Of Ten Percent Of Its Common Stock\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nNanoTech Entertainment (NTEK) Completes Buyback Of Ten Percent Of Its Common Stock\n\nCompletes Phase One of Buyback Plan to Reduce Overall Outstanding Shares\n\nPR Newswire\n\nLAS VEGAS, Jan. 25, 2013\n\n\n\n\n\n\n\nLAS VEGAS, Jan. 25, 2013 /PRNewswire/ -- NANOTECH ENTERTAINMENT (PINKSHEETS: NTEK) today announced that it has completed the first phase of a plan to buy back shares of its common stock. The NanoTech Board of Directors had previously authorized a share repurchase program under which the company plans to repurchase a total of roughly 25% of its outstanding common stock on the open market or in privately negotiated transactions. The program identified two stages, whereby a total 75 million shares would be acquired in phase one and 120 million shares would be acquired in phase two.\n\n\n\"The share repurchase program emphasizes our continued commitment to building long-term shareholder value and our confidence in the growth potential of NTEK,\" stated Jeffrey A. Foley, President and CEO of NanoTech. \"The combination of the rollout of new products hitting the market driven by the compelling value proposition of our proprietary technology solutions positions the company to maintain its positive momentum and growth.\"\n\n\nNanoTech plans on completing phase two by the ends of January 2013. All repurchased shares will be available for use in connection with NanoTech's stock plans, partnership contracts and for other corporate purposes. Foley closed by stating \"As we examine and prioritize our opportunities to extend our existing assets and relationships there will likely be opportunities to increase investments in R&D as well as other strategic partnerships and acquisitions. The buyback puts us in a stronger position as we evaluate all such opportunities.\"\n\n\n\nAbout NanoTech Entertainment \nHeadquartered in Las Vegas, NV, NanoTech Entertainment is a technology co...