SAN JOSE, Calif., May 6, 2013 /PRNewswire/ -- NANOTECH
ENTERTAINMENT (OTC Pink: NTEK) today announced that it has released
its Quarterly Financials for the period ending March 31, 2013 (Q3FY13). The report shows
revenues are up 37% over projections. NanoTech also completed
the third phase of a plan to buy back shares of its common stock.
The NanoTech Board of Directors authorized a share repurchase
program under which the company repurchased 42 million shares of
its outstanding common stock in a privately negotiated transaction
designed to optimize resources and cash flow while reducing
outstanding shares. So far in 2013 a total reduction of 238
million shares have been acquired by the company and returned to
treasury.
"Our total issued and outstanding shares have now been reduced
to fewer than 546 million shares. The shares have been
returned to treasury and our new lower total outstanding shares are
now reflected in our accounts at our transfer agent," stated
Jeffrey A. Foley, President and CEO
of NanoTech. "This continued reduction in outstanding shares
has given us more leverage for future contracts and investments
strengthening the company while increasing shareholder
value." Foley closed by stating, "With pinball product
sales higher than forecast, combined revenues being to flow from
both our media and communications divisions, we are looking for a
continuation of growth in the second quarter of 2013 (Q4FY13) and
beyond. Our goal is to move into profitability this
year."
About NanoTech Entertainment
Headquartered in
Las Vegas, NV, NanoTech
Entertainment is a technology company that focuses on all aspects
of the entertainment industry. With three business units,
focusing on Gaming, Media & IPTV and Mobile Apps, the company
has a unique business model. The company has a diverse
portfolio of products and technology. NanoTech Gaming Labs
operates as a virtual manufacturer, developing its technology and
games, and licensing them to third parties for manufacturing and
distribution in order to keep its overhead extremely low and
operations efficient in the new global manufacturing economy.
NanoTech Media develops proprietary technology which it licenses to
publishers for use in their products as well as creating and
publishing unique content. NanoTech Communications develops
and sells proprietary apps and technology in the Mobile and
Consumer space. NanoTech is redefining the role of developers
and manufacturers in the global market. More information about
NanoTech Entertainment and its products can be found on the web at
www.NanoTechEnt.com.
NanoTech Entertainment (OTC Pink: NTEK) trades on OTC Pink, the
open marketplace for a wide spectrum of equity securities.
Investors can find real-time quotes and market information at
www.otcmarkets.com.
"Safe Harbor" Statement: Under The Private Securities Litigation
Reform Act of 1995: The statements in the press release that relate
to the company's expectations with regard to the future impact on
the company's results from new products in development are
forward-looking statements, within the meaning of the Private
Securities Litigation Reform Act of 1995. Since this
information may contain statements that involve risk and
uncertainties and are subject to change at any time, the company's
actual results may differ materially from expected results.
The NanoTech Entertainment logo is a trademark of NanoTech
Entertainment, Inc. All rights reserved. All other marks are the
property of their respective owners. "The Future of
Television" is a service mark of NanoTech Entertainment, Inc., All
Rights Reserved
Contact: Denise Clifford
Phone: (408) 414-7355
Email: pr@nanotechent.com
SOURCE NanoTech Entertainment