Northern Technologies International Corporation (NASDAQ: NTIC), a
leading developer of corrosion inhibiting products and services, as
well as bio-based and biodegradable polymer resin compounds, today
announced that it is expected to join the broad-market Russell 3000
Index at the conclusion of the 2024 Russell U.S. Indexes annual
reconstitution, effective at the open of U.S. equity markets
on July 1, 2024, according to a preliminary list of additions
posted May 24, 2024.
The annual Russell U.S. Indexes reconstitution
captures the 4,000 largest U.S. stocks as of April 30, 2024,
ranking them by total market capitalization. Membership in the U.S.
all-cap Russell 3000® Index, which remains in place for one year,
means automatic inclusion in the large-cap Russell 1000® Index or
small-cap Russell 2000® Index, as well as the appropriate growth
and value style indexes. FTSE Russell determines membership for its
Russell U.S. Indexes primarily by objective, market-capitalization
rankings, and style attributes.
“Joining the Russell 3000® Index marks another
significant step forward for NTIC, supported by recent record
demand across our newer businesses. Notable among these were record
second quarter of fiscal 2024 ZERUST® oil and gas sales and record
quarterly Natur-Tec® sales for second quarter of fiscal 2024. In
addition, we’ve recently experienced continued improvement in our
gross margin, thanks to the execution of several purpose-specific
initiatives. Joining the Russell 3000® Index provides NTIC with
increased visibility and access to a wider investor base,” said G.
Patrick Lynch, President and CEO of NTIC.
Russell U.S. Indexes are widely used by
investment managers and institutional investors for index funds and
as benchmarks for active investment strategies. According to the
data at the end of December 2023, about $10.5 trillion in assets
are benchmarked against the Russell U.S. Indexes.
For more information on the Russell 3000® Index
and the Russell U.S. Indexes reconstitution, go to the “Russell
Reconstitution” section on the FTSE Russell website.
About Northern Technologies International
Corporation
Northern Technologies International Corporation
develops and markets proprietary, environmentally beneficial
products and services in over 65 countries either directly or via a
network of subsidiaries, joint ventures, independent distributors
and agents. NTIC’s primary business is corrosion prevention
marketed mainly under the ZERUST® brand. NTIC has been selling its
proprietary ZERUST® rust and corrosion inhibiting products and
services to the automotive, electronics, electrical, mechanical,
military and retail consumer markets for almost 50 years and more
recently has also targeted and expanded into the oil and gas
industry. NTIC offers worldwide on-site technical consulting for
rust and corrosion prevention issues. NTIC’s technical service
consultants work directly with the end users of NTIC’s products to
analyze their specific needs and develop systems to meet their
technical requirements. NTIC also markets and sells a portfolio of
bio-based and biodegradable polymer resin compounds and finished
products marketed under the Natur-Tec® brand.
About FTSE Russell
FTSE Russell is a leading global provider of
benchmarking, analytics, and data solutions for investors, giving
them a precise view of the market relevant to their investment
process. A comprehensive range of reliable and accurate indexes
provides investors worldwide with the tools they require to measure
and benchmark markets across asset classes, styles, or
strategies.
FTSE Russell index expertise and products are
used extensively by institutional and retail investors globally.
For over 30 years, leading asset owners, asset managers, ETF
providers and investment banks have chosen FTSE Russell indexes to
benchmark their investment performance and create ETFs, structured
products, and index-based derivatives.
FTSE Russell is focused on applying the highest
industry standards in index design and governance, employing
transparent rules-based methodology informed by independent
committees of leading market participants. FTSE Russell fully
embraces the IOSCO Principles, and its Statement of Compliance has
received independent assurance. Index innovation is driven by
client needs and customer partnerships, allowing FTSE Russell to
continually enhance the breadth, depth and reach of its
offering.
FTSE Russell is wholly owned by London Stock
Exchange Group.
For more information, visit
https://www.lseg.com/en/ftse-russell.
Forward-Looking Statements
Statements contained in this release that are
not historical information are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include NTIC being expected to join the
broad-market Russell 3000® Index at the conclusion of the 2024
Russell U.S. Indexes annual reconstitution, increased visibility
and access to a wider investor base as a result, and other
statements that can be identified by words such as “believes,”
“continues,” “expects,” “anticipates,” “intends,” “potential,”
“outlook,” “will,” “may,” “would,” “should,” “guidance” or words of
similar meaning, and the use of future dates. Such forward-looking
statements are based upon the current beliefs and expectations of
NTIC’s management and are inherently subject to risks and
uncertainties that could cause actual results to differ materially
from those projected or implied. Such potential risks and
uncertainties include, but are not limited to, in no particular
order: the health of the U.S. and worldwide economies, including in
particular the U.S. automotive industry and its evolution towards
electric vehicles; the effect of economic uncertainty, recessionary
indicators, inflation, increased interest rates and turmoil in the
global credit, financial and banking markets or perception thereof;
effect of supply chain disruptions; effect of COVID-19; dependence
on joint ventures, relationships with joint venture partners and
their success, including fees and dividend distributions; risks
associated with international operations, including NTIC China,
exposure to exchange rate fluctuations, tariffs and trade disputes;
effect of economic slowdown and political unrest, including the
Russia and Ukraine war and the Israel and Hamas conflict; the level
of growth in NTIC’s markets; NTIC’s investments in research and
development efforts; acceptance of existing and new products;
timing of purchase orders under supply contracts; variability in
sales to oil and gas customers and effect on quarterly financial
results; increased competition; costs and effects of complying with
changes in tax, fiscal, government and other regulatory policies,
and rules relating to environmental, health and safety matters; and
NTIC’s reliance on its intellectual property rights and the absence
of infringement of the intellectual property rights of others. More
detailed information on these and additional factors which could
affect NTIC’s operating and financial results is described in
NTIC’s filings with the Securities and Exchange Commission,
including its annual report on Form 10-K for the fiscal year ended
August 31, 2023 and subsequent quarterly reports on Form 10-Q. NTIC
urges all interested parties to read these reports to gain a better
understanding of the many business and other risks that it faces.
Additionally, NTIC undertakes no obligation to publicly release the
results of any revisions to these forward-looking statements, which
may be made to reflect events or circumstances occurring after the
date hereof or to reflect the occurrence of unanticipated
events.
Investor and Media
Contact:Matthew Wolsfeld, CFONTIC(763) 225-6600
Northern Technologies (NASDAQ:NTIC)
Historical Stock Chart
From Sep 2024 to Oct 2024
Northern Technologies (NASDAQ:NTIC)
Historical Stock Chart
From Oct 2023 to Oct 2024