FARMINGDALE, N.Y., Sept. 15, 2017 /PRNewswire/ -- Cemtrex, Inc. (Nasdaq: CETX, CETXP, CETXW), a world-leading industrial and manufacturing company, today announced that the company will pay its dividend on Series 1 preferred stock in additional shares of preferred stock, which is due on September 29, 2017 to the holders of record on close of business on September 19, 2017.
Cemtrex's Chairman and CEO, Saagar Govil, commented, "We are excited about the momentum in our business and the opportunities we see on the horizon for acquisitions to augment our organic growth. In addition to the proposed Key Tronic Corporation transaction that we announced earlier this month, we have several acquisitions lined up over the next three-to-six months that we believe could yield up to $250 million in additional revenues with new marquee customers, significant intellectual property and enhance our competitive advantages over the long term."
"Considering the acquisition strategy we have planned, the Board has decided that paying a stock dividend is prudent at this time. This decision will allow us to utilize our cash to help fund growth that will provide returns for all our shareholders," concluded Govil.
Cemtrex, Inc. (CETX) is a world-leading diversified industrial and manufacturing company that provides a wide array of solutions to meet today's technology challenges. Cemtrex provides manufacturing services of advanced custom engineered electronics, industrial services, monitoring instruments for industrial processes and environmental compliance, and systems for controlling particulates, hazardous gases, emissions of Greenhouse gases, and other regulated pollutants. The Company also develops its own proprietary IoT and wearable devices.
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.
For further information, please contact:
SOURCE Cemtrex, Inc.