Followers | 100 |
Posts | 13671 |
Boards Moderated | 0 |
Alias Born | 11/08/2007 |
Tuesday, November 01, 2011 12:37:09 PM
IRVINE, Calif., Nov 01, 2011 (BUSINESS WIRE) -- Probe Manufacturing, Inc., (OTC QB: PMFI) http://www.probeglobal.com/, a global electronics design and manufacturing services company, announced today that it has adopted a plan for the purpose of repurchasing up to 5,000,000 of its issued and outstanding common stock in accordance with the guidelines specified in Rule 10b-18 and Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, (the "Plan").
The Company's Plan will become effective immediately and will allow the Company to purchase its issued and outstanding common shares in the open market or in negotiated transactions, from time to time, depending on market conditions and other factors as well as subject to relevant rules under Untied States securities regulations. It does not obligate the company to make any purchases, including at any specific time or in any particular situation. The program may be suspended or discontinued at any time. The share repurchase program will be funded by the company's available cash, after assessing for the working capital requirements of the company. Accordingly, there is no guarantee as to the exact number of shares that will be repurchased under the Plan.
The Company's Board has authorized the repurchase plan because it believes the recent market turmoil may cause the Company's common stock to be undervalued from time to time. The timing and amount of any share repurchases will depend on the terms and conditions of the repurchase plan and no assurance can be given that any particular amount of common stock will be repurchased.
Kam Mahdi, the Company's Chief Executive Officer said, "This decision to establish the Plan reflects the confidence we have in the fundamentals of our business and is consistent with our long term strategy of seeking to create shareholder value."
About Probe Manufacturing, Inc.
Probe Manufacturing is a global electronics design & manufacturing Services Company providing innovators with business services through our factory in California as well as factories Worldwide. Headquartered in Irvine, California, Probe has been serving industrial, instrumentation, medical, aerospace, defense, and automotive industries since 1994. Probe's common stock is traded on the OTC QB under the symbol PMFI. Further information is available on Probe's website: www.probeglobal.com.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) with respect to whether Probe's business strategy, whether Probe's stock repurchase plan will create long-term shareholder value, and whether Probe's stock repurchase plan will increase the value of its common stock on the market in which it is traded. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties regarding changes in the EMS industry; the uncertainties relating to the implementation of our global business strategy; and other risk factors as outlined in the company's periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
SOURCE: Probe Manufacturing, Inc.
CONTACT:
Probe Manufacturing, Inc. Kam Mahdi, Chairman and CEO 949-273-4990 X814 kmahdi@probeglobal.com or John Bennett, CFO 949-273-4990 X807 jbennett@probeglobal.com
Recent CETY News
- Clean Energy Technologies, Inc. Affiliate Selected as USDA Grant Recipient • GlobeNewswire Inc. • 06/11/2024 12:30:00 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/20/2024 09:00:13 PM
- Clean Energy Technologies Signs MOU with International Private Equity Fund • GlobeNewswire Inc. • 04/18/2024 01:29:00 PM
- Clean Energy Technologies Affiliate Announces Favorable Order from Maine Public Utilities Commission • GlobeNewswire Inc. • 02/07/2024 01:30:00 PM
- Form S-3/A - Registration statement under Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 01/25/2024 05:23:09 PM
- Clean Energy Technologies Continues Normal Operations Among Stock Volatility • GlobeNewswire Inc. • 01/25/2024 01:30:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/08/2024 10:07:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/27/2023 09:48:30 PM
- Clean Energy Technologies Reports Third Quarter 2023 Financial Results and Provides Business Update • GlobeNewswire Inc. • 11/28/2023 01:30:00 PM
- Clean Energy Technologies, Inc. Leads Discussions on Sustainable Energy at APEC 2023 • GlobeNewswire Inc. • 11/21/2023 01:30:00 PM
- Clean Energy Technologies, Inc. Announces Significant Balance Sheet Improvement due to Financial Restructuring • GlobeNewswire Inc. • 11/20/2023 02:49:00 PM
- Clean Energy Technologies, Inc. Announces Conversion of $1.95 Million Notes Payable to Equity • GlobeNewswire Inc. • 11/15/2023 10:29:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/15/2023 10:26:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/03/2023 03:01:25 PM
- Form S-3 - Registration statement under Securities Act of 1933 • Edgar (US Regulatory) • 10/20/2023 09:28:21 PM
- CETY with RPG Energy Group to Implement Advanced Waste Heat to Power Generation Solution at Stanley Black & Decker Facility in Tennessee • GlobeNewswire Inc. • 10/12/2023 12:45:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/11/2023 08:30:27 PM
- Clean Energy Technologies to Present at H.C. Wainwright 25th Annual Global Investment Conference September 11-13 • GlobeNewswire Inc. • 09/08/2023 06:00:00 PM
- Clean Energy Technologies Affiliate Enters Into Power Purchase Agreement With VEPP, Inc. • GlobeNewswire Inc. • 09/07/2023 12:30:00 PM
- Clean Energy Technologies Announces Natural Gas Sales Agreement with China Resources (Holdings) Co., Limited • GlobeNewswire Inc. • 08/21/2023 01:00:00 PM
- Clean Energy Technologies Reports Second Quarter 2023 Financial Results and Provides Business Update • GlobeNewswire Inc. • 08/15/2023 01:20:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/21/2023 03:13:35 PM
- Clean Energy Technologies, Inc. Announces $10M EPC Contract with Vermont Renewable Gas, LLC for Lyndonville, Vermont Facility • GlobeNewswire Inc. • 07/12/2023 01:00:00 PM
Last Shot Hydration Drink Announced as Official Sponsor of Red River Athletic Conference • EQLB • Jun 20, 2024 2:38 PM
ATWEC Announces Major Acquisition and Lays Out Strategic Growth Plans • ATWT • Jun 20, 2024 7:09 AM
North Bay Resources Announces Composite Assays of 0.53 and 0.44 Troy Ounces per Ton Gold in Trenches B + C at Fran Gold, British Columbia • NBRI • Jun 18, 2024 9:18 AM
VAYK Assembling New Management Team for $64 Billion Domestic Market • VAYK • Jun 18, 2024 9:00 AM
Fifty 1 Labs, Inc Announces Acquisition of Drago Knives, LLC • CAFI • Jun 18, 2024 8:45 AM
Hydromer Announces Attainment of ISO 13485 Certification • HYDI • Jun 17, 2024 9:22 AM