NanoTech Entertainment (NTEK) Completes Buyback Of Ten Percent Of Its Common Stock
Completes Phase One of Buyback Plan to Reduce Overall Outstanding Shares
LAS VEGAS, Jan. 25, 2013 /PRNewswire/ -- NANOTECH ENTERTAINMENT (PINKSHEETS: NTEK) today announced that it has completed the first phase of a plan to buy back shares of its common stock. The NanoTech Board of Directors had previously authorized a share repurchase program under which the company plans to repurchase a total of roughly 25% of its outstanding common stock on the open market or in privately negotiated transactions. The program identified two stages, whereby a total 75 million shares would be acquired in phase one and 120 million shares would be acquired in phase two.
"The share repurchase program emphasizes our continued commitment to building long-term shareholder value and our confidence in the growth potential of NTEK," stated Jeffrey A. Foley, President and CEO of NanoTech. "The combination of the rollout of new products hitting the market driven by the compelling value proposition of our proprietary technology solutions positions the company to maintain its positive momentum and growth."
NanoTech plans on completing phase two by the ends of January 2013. All repurchased shares will be available for use in connection with NanoTech's stock plans, partnership contracts and for other corporate purposes. Foley closed by stating "As we examine and prioritize our opportunities to extend our existing assets and relationships there will likely be opportunities to increase investments in R&D as well as other strategic partnerships and acquisitions. The buyback puts us in a stronger position as we evaluate all such opportunities."
About NanoTech Entertainment
Headquartered in Las Vegas, NV, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With three business units, focusing on Gaming, Media & IPTV and Mobile Apps, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming Labs operates as a virtual manufacturer, developing its technology and games, and licensing them to third parties for manufacturing and distribution in order to keep its overhead extremely low and operations efficient in the new global manufacturing economy. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. NanoTech is redefining the role of developers and manufacturers in the global market. More information about NanoTech Entertainment and its products can be found on the web at www.NanoTechEnt.com.
NanoTech Entertainment (PINKSHEETS: NTEK) trades on OTC Pink, the open marketplace for a wide spectrum of equity securities. Investors can find real-time quotes and market information at www.otcmarkets.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
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