Ammo Inc. Board Approves up to $30 Million Dollar Repurchase Authorization
February 08 2022 - 8:04AM
InvestorsHub NewsWire
Ammo
Inc. Board Approves up to $30 Million Dollar Repurchase
Authorization
SCOTTSDALE,
Ariz., February 8, 2022 -- InvestorsHub NewsWire -- AMMO,
Inc. (Nasdaq: POWW) ("AMMO" or the "Company"), a leading
vertically integrated producer of high-performance ammunition and
components and operator of GunBroker.com, the largest online
marketplace serving the firearms and shooting sports
industries, today
announced that its Board of Directors authorized a share repurchase
program for up to $30 million
dollars of its outstanding common stock.
"The
repurchase authorization of up to $30 million
of stock represents our commitment to increasing shareholder value
and gives us flexibility to deploy some of our cash flow into our
future," said Fred Wagenhals, CEO of Ammo Inc. "With a strong
balance sheet, positive cash flow and growing revenues, we believe
it is appropriate to have the option to repurchase stock if it
makes sense as the best investment at that time."
Purchases
made pursuant to the program will be made from time to time, at the
company's discretion, in the open market, through privately
negotiated transactions or through other manners as permitted by
federal securities laws. The timing, manner, price and amount of
any repurchases will be determined by the company and will be
subject to economic and market conditions, stock price, applicable
legal requirements and other factors. The program
is expected to commence following the public disclosure of the
Company's 2022 3rd
quarter financial results and filing of its report on Form 10-Q
and may be
suspended or discontinued at any time.
About
AMMO, Inc.
With its
corporate offices headquartered in Scottsdale, Arizona. AMMO
designs and manufactures products for a variety of aptitudes,
including law enforcement, military, sport shooting and
self-defense. The Company was founded in 2016 with a vision to
change, innovate and invigorate the complacent munitions industry.
AMMO promotes branded munitions as well as its patented
STREAK™ Visual
Ammunition, /stelTH/™ subsonic
munitions, and armor piercing rounds for military use. For more
information, please visit: www.ammo-inc.com.
About
GunBroker.com
GunBroker.com is the
largest online marketplace dedicated to firearms, hunting, shooting
and related products. Aside from merchandise bearing its logo,
GunBroker.com currently sells none of the items listed on its
website. Third-party sellers list items on the site and Federal and
state laws govern the sale of firearms and other restricted items.
Ownership policies and regulations are followed using licensed
firearms dealers as transfer agents. Launched in 1999,
GunBroker.com is an informative, secure and safe way to buy and
sell firearms, ammunition, air guns, archery equipment, knives and
swords, firearms accessories and hunting/shooting gear online.
GunBroker.com promotes responsible ownership of guns and firearms.
For more information, please visit: www.gunbroker.com.
Forward
Looking Statements
This
document contains certain "forward-looking statements". All
statements other than statements of historical fact are
"forward-looking statements" for purposes of federal and state
securities laws, including, but not limited to, any projections of
earnings, revenue or other financial items; any statements of the
plans, strategies, goals and objectives of management for future
operations; any statements concerning proposed new products and
services or developments thereof; any statements regarding future
economic conditions or performance; any statements or belief; and
any statements of assumptions underlying any of the
foregoing.
Forward
looking statements may include the words "may," "could,"
"estimate," "intend," "continue," "believe," "expect" or
"anticipate" or other similar words, or the negative thereof. These
forward-looking statements present our estimates and assumptions
only as of the date of this report. Accordingly, readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the dates on which they are
made. We do not undertake to update forward-looking statements to
reflect the impact of circumstances or events that arise after the
dates they are made. You should, however, consult further
disclosures and risk factors we include in Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q, and Reports filed on Form
8-K.
Investor
Contact:
Reed
Anderson
ICR
Phone: (646)
277-1260
IR@ammo-inc.com
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