THERMAL, California, March 2, 2016 /PRNewswire/ --
New Global Energy, Inc. (OTCQB: NGEY) ("the Company"), a public company focused on Aqua-Farming, Agriculture, and Health & Wellness, announced today that its board of directors has authorized the repurchase of up to 600,000 shares of the Company's common stock.
"At the current valuation, we believe the repurchase of our stock is a good use of funds that will reduce our public float by about 25% and demonstrate our commitment to enhanced long-term shareholder value," said Chief Executive Officer Perry D. West. "The shares will be purchased from time to time in the open market and the timing of purchases will be based on the stock price and other market factors."
In recent months, the Company has reported on new developments related to a new line of Moringa capsules. The Company plans to introduce specially branded line of Moringa capsules to its line of nutraceutical products, which will include drinks, tea, energy bars and other items to be sold through existing distribution contracts and to larger retail markets. Additionally, New Global Energy launched the tilapia spawning season at its farm in California's Coachella Valley with a record number of fish. New financing commitments from outside investors mean 2016 should prove to be record setting in terms of the number of sustainable fish grown and ultimately sold on the company's farm.
About New Global Energy, Inc.
New Global Energy, Inc. (http://www.newglobalenergy.net ) is a public company focused on acquiring high-growth firms, assets and properties in the Aqua-Farming, Agriculture, and Health & Wellness industries. The trading symbol is NGEY traded on the OTCQB. New Global Energy seeks to create sustainable projects and protect the environment.
Safe Harbor Statement
This release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E and/or 27E of the Securities Exchange Act of 1934 that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements as to the future performance of the company and the risks and uncertainties detailed from time to time in reports filed by the company with the Securities and Exchange Commission. Statements contained in this release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, the company's ability to raise necessary financing, retention of key personnel, timely delivery of inventory from the company's suppliers, timely product development, product acceptance, and the impact of competitive services and products, in addition to general economic risks and uncertainties.
For more information please contact:
Charlotte Luer, Director of Investor Relations
SOURCE New Global Energy, Inc.