ANN ARBOR, Michigan, November 24, 2014 /PRNewswire/ --
Arotech Corporation [Nasdaq GM: ARTX] announced today that it has purchased shares under its share buy-back program, which was originally approved by the Board of Directors in 2009 and expanded and extended in August 2014.
In February 2009, the Company's Board of Directors authorized the repurchase of up to $1 million of the Company's common stock, of which Arotech previously used approximately $870,000. The repurchase program was extended in August 2014 for an additional year and the authorization was expanded to repurchase up to $2 million of the Company's common stock at management's discretion. As of September 30, 2014, the company had cash and cash equivalent assets on the balance sheet amounting to $11.0 million.
The Company reported that since November 18, under the buy-back program, it has purchased a total of 75,000 shares, for approximately $170,000. A further $960,000 of the program remains, which may be utilized under management's discretion until August 2015.
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets, including multimedia interactive simulators/trainers and advanced zinc-air and lithium batteries and chargers. Arotech operates two major business divisions: Training and Simulation and Battery and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan, and research, development and production subsidiaries in Alabama, Michigan, South Carolina and Israel. For more information on Arotech, please visit Arotech's website at http://www.arotech.com .
Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary materially. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech's products; changing economic conditions; delay, cancellation or non-renewal, in whole or in part, of contracts or of purchase orders (including as a result of budgetary cuts resulting from automatic sequestration under the Budget Control Act of 2011); and other risk factors detailed in Arotech's most recent Annual Report on Form 10-K, as amended, for the fiscal year ended December 31, 2013 and in Exhibit 99.3 to Arotech's Current Report on 8-K, filed on April 1, 2014, and other filings with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.
Investor Relations Contact
For more information on Arotech or investor/public relations, please contact:
Ehud Helft and Kenny Green at GK Investor & Public Relations
E-mail: [email protected]
SOURCE Arotech Corporation