That would be a question for NTEK board of directors, not me. :-)
NANOTECH ENTERTAINMENT (NTEK) COMPLETES BUYBACK OF TWENTY FIVE PERCENT ITS COMMON STOCK
Las Vegas, NV
– February 1, 2013 – NANOTECH ENTERTAINMENT (PINKSHEETS: NTEK) today announced that it has now completed the second 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 repurchased 25% of its outstanding common stock from the open market and in privately negotiated transactions. The program identified two stages, whereby a total of 195 million shares were acquired. The company had completed the phase one buyback on January 25th 2013 and has now completed the phase two buyback.
“Our total issued and outstanding shares have now been reduced from over 766 million shares to fewer than 575 million shares.
The shares are being returned to treasury and our new lower total outstanding shares will be reflected in our accounts at our transfer agent by the close of business on Monday," stated Jeffrey A. Foley, President and CEO of NanoTech. “This reduction in outstanding shares has given us leverage for future contracts and investments strengthening the company. This also reiterates our commitment to building long-term value for the company and its shareholders.” Foley closed by stating ”We will use these assets to optimize our opportunities to increase investments in R&D as well as enter into strategic partnerships and acquisitions. The buyback puts us in a stronger position as we identify such opportunities.”
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