NEW YORK, August 31, 2010 /PRNewswire-FirstCall/ -- Adama Technologies Corporation (OTCBB:ADAC), a clean tech company dedicated to brownfield remediation with a licensed, patented and proven technology (MBS), today announced that the Board of Directors has authorized the company to repurchase up to 20 million shares of the Company's common stock at a price of up to $0.035 per share.
The share repurchases will be made through the open market through unsolicited or solicited privately negotiated transactions. The purchases will be funded with the company's available cash and a bridge loan, should it become necessary to secure this type of loan.
The timing of purchases will be determined by Adama's Board of Directors, who will base their decisions on stock price, corporate and regulatory requirements, capital availability and other market conditions. The stock purchased through the buyback will be held as treasury shares and might be used for general corporate purposes, including reissuances in connection with acquisitions, employee stock options plans and other issues which would advance the Company's mission.
"We are thoroughly committed to our shareholders and to growing Adama into an internationally recognized environmental remediation company, exploiting our technology while allowing for viable, clean and sustainable options for government agencies and private sectors entities," stated Aviram Malik, CEO.
About Adama Technologies Corporation
Adama is a Brownfield remediation company whose foundation lies in its patented technology. The technology successfully treats all metals within the Resource and Recovery Act (RCRA) and Universal Treatment Standards (UTS). The technology has successfully completed the U.S. (EPA) "SITE" program and is ready for commercial use. For further information, visit: http://www.adama-tech.com.
Safe Harbor Statement
This release includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements involve a number of known and unknown risks and uncertainties that may cause actual results or outcomes to be materially different from those anticipated or discussed herein.
Contact: Aviram Malik +972-544459292 email@example.com
SOURCE Adama Technology Corp.