Rubicon Technology Announces $3 Million Stock Repurchase Plan
November 19 2018 - 4:05PM
Rubicon Technology, Inc. (NASDAQ: RBCN) today announced that its
Board of Directors has authorized a stock repurchase plan to buy up
to $3 million of its common stock from time to time through open
market and private transactions. The timing, price and volume
of repurchases will be based upon market conditions, relevant
securities laws and other factors. The stock repurchase plan
expires on November 19, 2021 and may be terminated at any time.
“In our opinion, shares of Rubicon’s common
stock are currently trading at a discount to its intrinsic value.
Our decision to repurchase shares reflects our belief that the true
value of our assets and business is higher than the current share
price,” said Timothy Brog, Rubicon’s Chief Executive Officer.
About Rubicon Technology,
Inc.
Rubicon Technology, Inc. is an advanced
materials provider specializing in monocrystalline sapphire
products for optical systems and specialty electronic devices.
Rubicon has a proprietary technology platform and expertise
extending from the preparation of raw aluminum oxide through
sapphire crystal growth and fabrication, enabling Rubicon to supply
custom sapphire products with superior quality and precision.
Rubicon is ISO 9001 certified and ITAR registered.
Rubicon is also exploring various alternatives
to enhance stockholder value, including potentially through
acquiring an existing business, establishing a new venture, or
other investment opportunities in order to utilize Rubicon’s
substantial net operating losses.
Forward-Looking Statements
Some statements included in this news release
are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Exchange Act, and, therefore, involve
uncertainties or risks that could cause actual results to differ
materially therefrom. These statements may contain words such
as “desires,” “believes,” “opinion,” “anticipates,” “plans,”
“expects,” “intends,” “estimates,” “seeks,” “explores” or similar
expressions. These statements are not guarantees of the
Company’s future performance and are subject to risks,
uncertainties and other important factors that could cause actual
performance or achievements to differ materially from those
expressed or implied by these forward-looking statements. Such
statements include, but are not limited to, the pursuit or
completion of any acquisition, sale, venture transaction or
investment opportunity, or the Company’s ability to maximize the
value of its sapphire business, real estate or excess assets,
utilize its net operating losses or to enhance stockholder value.
Additional information regarding factors that could cause results
to differ materially from management’s expectations are found in
the section entitled “Risk Factors” in the Company’s 2017 Annual
Report on Form 10-K filed with the SEC on March 20,
2018. The Company intends that the forward-looking statements
included herein be subject to the above-mentioned statutory safe
harbors. Investors are cautioned not to rely on forward-looking
statements. The Company disclaims any obligation to update
forward-looking statements.
Contact:Rubicon Technology,
Inc.Timothy E. BrogChief Executive Officer(847)
295-7000
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