API Technologies Announces Stock Repurchase Program
March 09 2010 - 8:30AM
PR Newswire (US)
WINDBER, Pa., March 9 /PRNewswire-FirstCall/ -- API Technologies
Corp. (BULLETIN BOARD: ATNY) ("API" or the "Company"), a prime
contractor in sophisticated electronics, highly engineered systems,
secure communications and electronic components and subsystems to
the global defense and aerospace industries, announced today that
its Board of Directors has approved a program to repurchase, from
time to time and subject to market conditions, up to 3,300,000
shares of API's outstanding common stock on the open market or in
privately negotiated transactions over the next 12 months.
Repurchases are authorized to begin after the Company files its
third quarter results in mid-April on Form 10-Q with the Securities
and Exchange Commission. The Company will fund the program with
available cash on hand. "We believe the repurchase of the Company's
shares at current price levels represents an attractive long-term
investment," said Stephen Pudles, API's Chief Executive Officer.
"API is committed to providing value for our shareholders and our
repurchase program reflects our continuing confidence in the
Company's financial strength and growth prospects." The number of
shares authorized to be repurchased under the program represents
approximately 10% of API's common stock outstanding as of March 3,
2010. About API Technologies Corp. API Technologies Corp. is a
prime contractor in sophisticated electronics, highly engineered
systems, secure communications and electronic components and
subsystems to the global defense and aerospace industry. API
Technologies' customers include the governments of the U.S.,
Canada, the United Kingdom, NATO and the European Union, as well as
many of the leading Fortune 500 companies. The Company is engaged
in providing innovative design, engineering and manufacturing
solutions to its customers. API Technologies trades on the OTC
Bulletin Board under the symbol ATNY. For further information,
please visit the company website at http://www.apitech.com/. Safe
Harbor for Forward-Looking Statements Except for statements of
historical fact, the information presented herein constitutes
forward-looking statements. All forward-looking statements are
subject to certain risks, uncertainties and assumptions which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. These risks and uncertainties, which
are more fully described in the Company's Annual and Quarterly
Reports filed with the Securities and Exchange Commission, include
but are not limited to, general economic and business conditions,
our ability to integrate and consolidate our operations, our
ability to expand our operations in both new and existing markets,
and the effect of growth on our infrastructure. Should one or more
of these risks or uncertainties materialize, or should the
assumptions prove incorrect, actual results may vary in material
aspects from those currently anticipated. All information in this
release is as of the date hereof. We undertake no duty to update
any forward-looking statement to conform the statement to actual
results or changes in the Company's expectations. Except as
required by law, the Company assumes no obligation to update or
revise any forward-looking statements in this press release,
whether as a result of new information, future events, or
otherwise. DATASOURCE: API Technologies Corp. CONTACT: Jonathan
Pollack of API Technologies Corp., +1-877-API-0-API,or
jp@apitech.com Web Site: http://www.apitech.com/
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