Capstone Companies, Inc. Announces $750,000 Stock Repurchase Program
August 29 2016 - 9:00AM
Capstone Companies, Inc. (OTCQB:CAPC) (“Capstone” or the
“Company”), a designer of innovative LED lighting solutions
including power failure lighting, today announced that its board of
directors has authorized the Company to implement a stock
repurchase plan up to $750,000 of shares of the Company’s
outstanding common stock.
“Our Board of Directors and senior management strongly believe
that our growth prospects and the successful execution of our
strategy are not reflected by our current stock price,” commented
Stewart Wallach, Capstone’s President and CEO. “This stock
repurchase program demonstrates our confidence in the long-term
growth prospects of Capstone and our commitment to delivering
shareholder value.”
The Company purchases may be made in the open market, structured
repurchase programs, or in privately negotiated transactions,
subject to availability. Any repurchased shares will have the
status of treasury shares and may be used, if and when needed, for
general corporate purposes. The Company has no obligation to
repurchase shares under the authorization, and the timing, actual
number and value of the shares that are repurchased will be at the
discretion of management and will depend on a number of factors,
including the price of the Company’s common stock, stock market
conditions, corporate development and Company financial
condition. The stock repurchase plan may be discontinued at
any time at the Company’s discretion and continuance of the program
will be reviewed and determined by the Company’s Board prior to the
end of the current fiscal year, December 31, 2016. The
purchases are expected to be funded by the Company’s operating cash
flows or other available capital sources.
About Capstone Companies, Inc. Capstone
Companies, Inc. is a designer of innovative LED lighting solutions
including power failure lighting, for consumers and
institutions. The Company’s products are sold under the
Capstone Lighting and Hoover® HOME LED brands, to big box
retailers, wholesale clubs, and home improvement stores throughout
North America and in international markets. Capstone’s
strategy is to utilize its low-cost manufacturing base to provide
high-quality consumer products to its customers at a reasonable
price, using primarily direct import distribution.
Visit www.capstonecompaniesinc.com for more information about
the Company and www.capstoneindustries.com for information on our
current product offerings.
FORWARD-LOOKING STATEMENTS:This news release
contains "forward-looking statements" as that term is defined in
the Private Securities Litigation Reform Act of 1995, as
amended. Such statements consist of words like “anticipate,”
“expect,” “project,” “continue” and similar words. These
statements are based on the Company’s and its subsidiaries’ current
expectations and involve risks and uncertainties, which may cause
results to differ materially from those set forth in the
forward-looking statements. Factors that may cause actual
results to differ materially from those contemplated by such
forward-looking statements, include consumer acceptance of the
Company’s products, its ability to deliver new products, the
success of its strategy to broaden market channels and the
relationships it has with retailers and distributors. Prior
success in operations does not necessarily mean success in future
operations. The ability of the Company to adequately and
affordably fund operations and any growth will be critical to
achieving and sustaining any expansion of markets and
revenue. The introduction of new products or the expanded
availability of products does not mean that the Company will enjoy
better financial or business performance. The risks associated with
any investment in Capstone Companies, Inc., which is a small
business concern and a "penny-stock Company” and, as such, a highly
risky investment suitable for only those who can afford to lose
such investment, should be evaluated together with the risks and
uncertainties more fully described in the Company’s Annual and
Quarterly Reports filed with the Securities and Exchange
Commission. Capstone Companies, Inc. undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future events, or otherwise.
Contents of referenced URLs are not incorporated into this press
release.
For more information, contact
Company:
Aimee Gaudet
Corporate Secretary
(954) 570-8889, ext. 313
Investor Relations:
Garett Gough, Kei Advisors LLC
(716) 846-1352
ggough@keiadvisors.com
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