Excellent News: Umbra Applied Technologies Group Announces Change In Dividend Policy
TAMPA, Fla., Nov. 16, 2017 (GLOBE NEWSWIRE) -- Umbra Applied Technologies Group (OTC:UATG)
UAT Group announced today that it is currently reviewing its overall capital structure, projected revenues and manufacturing capabilities to determine the viability of a shareholder dividend offering in the future. Furthermore the company is also evaluating the possibility of providing additional shareholder benefits, outside of a future dividend such as shareholder discounts on UAT Group products. Due to the logistics of such a discount this can only be provided to a shareholder of record so the company urges shareholders to register at their shares in their own name as opposed to a brokerage firm or investment fund.
Chief Executive Officer, Alex Umbra stated, “In keeping with our commitment to shareholder value and participation I, over the past 10 months, have authorized the purchase of shares from the market and am currently reviewing the company’s ability to provide more value to our shareholders”.
UATG is currently finalizing their internal audits and is expected to turn over auditing to an independent auditor by year end in preparation of an S1 filing. This is keeping with the company’s longstanding comments on its intention to up-list to a QX company.
Mr. Umbra further commented, “We initially launched the Hygieia socks without marketing for the first two months so we could ensure that the manufacturing and fulfillment operations, as well as operational protocols, in place operated efficiently. This afforded us the ability to make corrections where and when needed on a small scale instead of a potentially catastrophic failure effecting many customers. We are pleased to report that the initial sales launch of Hygieia has progressed very smoothly and exceeded expectations. By the end of November, we will have a robust marketing apparatus in place and we expect an immediate 40% increase in sales as a result”.
The company intends to announce the further expansion of its antimicrobial Hygieia product line in the coming weeks with the much anticipated Hygieia HP (High Performance) sock being announced shortly. The company has also indicated that while the Hygieia sock line will be offered in a variety of colors the company is not stopping there and the Hygieia men’s Boxer Briefs and Hygieia Bedding are expected to be announced in the coming months.
Chief Financial Officer Thomas Crom recently stated, “The UAT Biotech division is expected to drive revenues for the next seven to eight months with additional divisions coming on line mid-2018. UAT is currently reviewing several acquisitions so I would expect an expansion of revenues and assets in the near future”.
UAT Group is currently thriving from its recent product line launch and is determined to build on the company’s recent success. UAT Group and its subsidiaries continue to seek new opportunities for market expansion and currently negotiating multiple contracts to support that effort.
About Umbra Applied Technologies, Inc.
Umbra Applied Technologies (UATG) is a member of the Umbra Applied Technologies Group(UATG) family of companies. Headquartered in Tampa, Florida UAT Group is a technology and innovation leader specializing in defense, civil government and technology solutions. UAT Group is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services for defense, civil, and commercial applications in United States and internationally. It also provides management, engineering, technical, scientific, logistic, and information services.
For more information visit www.uatgroup.com or www.umbraappliedtechnologies.com.
Investor and Media Contact: Everest Corporate Advisors, Inc.
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