Nortech Systems Announces Stock Repurchase Program
MINNEAPOLIS – Nortech Systems Incorporated (NASDAQ: NSYS), a leading provider of full-service electronics manufacturing services (EMS), announced that its board of directors has approved another installment of a stock repurchase program similar to the company’s inaugural repurchase program that expired last month.
The approved program authorizes the company to repurchase shares of its common stock in an amount up to $250,000 up through July 2019, in amounts of up to $62,500 per quarter. Under the prior repurchase program, which started in August 2017, the company spent substantially all of the $250,000 that was authorized.
“The next installment of this repurchase program shows that Nortech’s board and management continue to share confidence in our future direction and potential,” said Rich Wasielewski, Nortech Systems’ president and CEO. “Our strategic initiatives are gaining traction across all our locations and markets, aided by the improving global economic outlook.”
In addition, Nortech Systems’ chairman of the board, David Kunin, has concurrently established a plan to purchase shares of Nortech common stock in an amount up to $25,000 up through July 2019.
The purchases by the company and Kunin will be made in the open market in compliance with applicable securities laws and other legal requirements and are subject to market conditions, share price, available cash and other factors. The plans do not obligate the company or Kunin to acquire any particular amount of common stock and may be suspended or discontinued at any time.
About Nortech Systems Incorporated
Nortech Systems (www.nortechsys.com), based in Maple Grove, Minn., is a full-service electronics manufacturing services (EMS) provider of complex interconnect solutions, printed circuit board assemblies and diagnostic repair and integration services including higher-level assemblies and box builds for a wide range of industries. Markets served include industrial and commercial equipment, medical device, and aerospace & defense. Nortech has a range of specialized, high-tech facilities in the U.S., Latin America and Asia used for customized design, manufacture, testing and repair of its solutions. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS.
Forward-Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, among others, statements we make regarding business development activities, backlog, financial results, and initiatives related to operational efficiencies, cash management, working capital utilization, inventory reduction and accounts payable reduction. While this release is based on management’s best judgment and current expectations, actual results may differ and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: volatility in market conditions which may affect market supply of and demand for the company’s products; increased competition; dependence on major customers, including a single customer that has represented a large percentage of our revenues in recent years; changes in the reliability and efficiency of operating facilities or those of third parties; risks related to availability of labor; commodity and energy cost instability; general economic, financial and business conditions that could affect the company’s financial condition and results of operations; as well as risk factors listed from time to time in the company’s filings with the SEC.