Business
Optex Systems Holdings, Inc. Announces Stock Repurchase Program
RICHARDSON, TX / ACCESSWIRE / June 8, 2020 / Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for
About this update from Optex Systems Holdings, Inc.
[{"type":"text","content":"RICHARDSON, TX / ACCESSWIRE / June 8, 2020 / Optex Systems Holdings, Inc. (OTCQB:OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, today announced it has authorized a new $1.0 million stock repurchase program, effective immediately.Karen Hawkins, CFO of Optex Systems Holdings Inc., commented, \"Optex is pleased that during these uncertain times, we continue to maintain a strong working capital position which allows us to return capital to our shareholder through our Stock Repurchase Plan. We believe our stock is deeply undervalued and repurchasing shares is a prudent use of capital.\"The shares authorized to be repurchased under the new repurchase program may be purchased from time to time at prevailing market prices, through open market or in negotiated transactions, depending upon market conditions and subject to Rule 10b-18 as promulgated by the SEC. Activity in the repurchase program will begin immediately and will be funded using the company's working capital. There is no guarantee as to the exact number of shares that will be repurchased by the company or the timeframe within which they may be purchased or if any shares will be repurchased. The company may discontinue repurchases under the plan if management determines additional repurchases are not warranted.ABOUT OPTEX SYSTEMSOptex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2015 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights, and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at www.optexsys.com.Safe Harbor StatementThis press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the products a...