Nortech Systems Announces Stock Repurchase Program
August 23 2018 - 4:50PM
Business Wire
Nortech Systems Incorporated (NASDAQ: NSYS), a leading provider
of full-service electronics manufacturing services (EMS), announced
that its board of directors has approved another installment of a
stock repurchase program similar to the company’s inaugural
repurchase program that expired last month.
The approved program authorizes the company to repurchase shares
of its common stock in an amount up to $250,000 up through July
2019, in amounts of up to $62,500 per quarter. Under the prior
repurchase program, which started in August 2017, the company spent
substantially all of the $250,000 that was authorized.
“The next installment of this repurchase program shows that
Nortech’s board and management continue to share confidence in our
future direction and potential,” said Rich Wasielewski, Nortech
Systems’ president and CEO. “Our strategic initiatives are gaining
traction across all our locations and markets, aided by the
improving global economic outlook.”
In addition, Nortech Systems’ chairman of the board, David
Kunin, has concurrently established a plan to purchase shares of
Nortech common stock in an amount up to $25,000 up through July
2019.
The purchases by the company and Kunin will be made in the open
market in compliance with applicable securities laws and other
legal requirements and are subject to market conditions, share
price, available cash and other factors. The plans do not obligate
the company or Kunin to acquire any particular amount of common
stock and may be suspended or discontinued at any time.
About Nortech Systems
IncorporatedNortech Systems (www.nortechsys.com), based
in Maple Grove, Minn., is a full-service electronics manufacturing
services (EMS) provider of complex interconnect solutions, printed
circuit board assemblies and diagnostic repair and integration
services including higher-level assemblies and box builds for a
wide range of industries. Markets served include industrial and
commercial equipment, medical device, and aerospace & defense.
Nortech has a range of specialized, high-tech facilities in the
U.S., Latin America and Asia used for customized design,
manufacture, testing and repair of its solutions. Nortech Systems
is traded on the NASDAQ Stock Market under the symbol NSYS.
Forward-Looking
StatementsThis press release contains forward-looking
statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. Examples of
forward-looking statements include, among others, statements we
make regarding business development activities, backlog, financial
results, and initiatives related to operational efficiencies, cash
management, working capital utilization, inventory reduction and
accounts payable reduction. While this release is based on
management’s best judgment and current expectations, actual results
may differ and involve a number of risks and uncertainties.
Important factors that could cause actual results to differ
materially from the forward-looking statements include, without
limitation: volatility in market conditions which may affect market
supply of and demand for the company’s products; increased
competition; dependence on major customers, including a single
customer that has represented a large percentage of our revenues in
recent years; changes in the reliability and efficiency of
operating facilities or those of third parties; risks related to
availability of labor; commodity and energy cost instability;
general economic, financial and business conditions that could
affect the company’s financial condition and results of operations;
as well as risk factors listed from time to time in the company’s
filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20180823005769/en/
Nortech Systems IncorporatedConnie Beck, 952-345-2244orBrookside
Communications GroupWarren Djerf,
952-920-3908warren@brookcomm.net
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