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Umbra Applied Technologies Group Approves Stock Buyback
Umbra Applied Technologies Group Approves Stock Buyback.
About this update from Umbra Applied Technologies Group, Inc.
[{"type":"text","content":"\n \n \n Umbra Applied Technologies Group Approves Stock Buyback\n \n \nUmbra Applied Technologies Group Approves Stock Buyback\n \n 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.\"\n 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.\"\n 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.\"\n Alex also states, \"We believe that our commitment to designing and manufacturing superior products that exceed industry standards and create benchmarks for...