SAN JOSE, Calif., May 6, 2013 /PRNewswire/ -- NANOTECH ENTERTAINMENT (OTC Pink: NTEK) today announced that it has released its Quarterly Financials for the period ending March 31, 2013 (Q3FY13). The report shows revenues are up 37% over projections. NanoTech also completed the third phase of a plan to buy back shares of its common stock. The NanoTech Board of Directors authorized a share repurchase program under which the company repurchased 42 million shares of its outstanding common stock in a privately negotiated transaction designed to optimize resources and cash flow while reducing outstanding shares. So far in 2013 a total reduction of 238 million shares have been acquired by the company and returned to treasury.
"Our total issued and outstanding shares have now been reduced to fewer than 546 million shares. The shares have been returned to treasury and our new lower total outstanding shares are now reflected in our accounts at our transfer agent," stated Jeffrey A. Foley, President and CEO of NanoTech. "This continued reduction in outstanding shares has given us more leverage for future contracts and investments strengthening the company while increasing shareholder value." Foley closed by stating, "With pinball product sales higher than forecast, combined revenues being to flow from both our media and communications divisions, we are looking for a continuation of growth in the second quarter of 2013 (Q4FY13) and beyond. Our goal is to move into profitability this year."
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 (OTC Pink: 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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Contact: Denise Clifford
Phone: (408) 414-7355
SOURCE NanoTech Entertainment