FARMINGDALE, N.Y., May 20, 2016 /PRNewswire/ -- Cemtrex Inc., (NASDAQ: CETX), a world leading industrial and manufacturing solutions company, announced that the Company has withdrawn its Form S-3 registration statement that it filed with the SEC on April 12, 2016 after determining it was unlikely the Company would meet the eligibility requirements. The Registration Statement did not become effective and no securities under the Registration Statement have been sold.
The Company is still exploring traditional debt & equity financings to raise funds for planned acquisitions and to strengthen the Company's balance sheet. The company has identified several attractive acquisition opportunities that would be synergistic and accretive to its existing business. This follows Cemtrex's decision to abandon its pursuit of the acquisition of an industrial air filtration company previously announced last year in order to pursue more attractive prospects. With roughly $3.3 million of cash on its balance sheet as of March 31, 2016, the Company is positioned well to move forward on many opportunities.
Commenting on the strategy, Cemtrex's Chairman and CEO, Saagar Govil stated, "As we grow revenues and the profitability of the Company, we become eligible for stronger, more traditional financing structures and thus can reward the owners of the Company's equity. We are taking the necessary steps to have attractive financing options in place for the future despite changing course from the S-3."
Reflecting the Company's recent 32% and 39% quarterly Net sales and Adjusted EBITDA increases for the three months ended March 31, 2016, Cemtrex expects significant continued momentum in its underlying business, complemented by its M&A activities.
Cemtrex, Inc. (NASDAQ: CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges and is rapidly growing through acquisitions. Cemtrex provides: manufacturing services of advanced custom engineered electronics, industrial maintenance services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
Safe Harbor Statement
This press release contains forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. This release may contain Non-GAAP financial information and are not calculated or presented in accordance with US GAAP. The Company believes that the presentation of non-GAAP financial measures provides useful information to management and investors regarding underlying trends in its consolidated financial condition and results of operations. The Company's management regularly uses these supplemental non-GAAP financial measures internally to understand, manage and evaluate the Company's business and make operating decisions.
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