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Attention Business And Technology Editors
API Technologies Announces Stock Repurchase Program
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Board of Directors Authorizes Repurchase of up to 10% of the Company's
Common Stock
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WINDBER, Pa., March 9 /CNW/ -- API Technologies Corp. (OTC Bulletin
Board: ATNY) ("API" or the "Company"), a prime contractor in sophisticated
electronics, highly engineered systems, secure communications and electronic
components and subsystems to the global defense and aerospace industries,
announced today that its Board of Directors has approved a program to
repurchase, from time to time and subject to market conditions, up to
3,300,000 shares of API's outstanding common stock on the open market or in
privately negotiated transactions over the next 12 months. Repurchases are
authorized to begin after the Company files its third quarter results in
mid-April on Form 10-Q with the Securities and Exchange Commission. The
Company will fund the program with available cash on hand.
"We believe the repurchase of the Company's shares at current price
levels represents an attractive long-term investment," said Stephen Pudles,
API's Chief Executive Officer. "API is committed to providing value for our
shareholders and our repurchase program reflects our continuing confidence in
the Company's financial strength and growth prospects."
The number of shares authorized to be repurchased under the program
represents approximately 10% of API's common stock outstanding as of March 3,
2010.
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About API Technologies Corp.
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API Technologies Corp. is a prime contractor in sophisticated
electronics, highly engineered systems, secure communications and electronic
components and subsystems to the global defense and aerospace industry. API
Technologies' customers include the governments of the U.S., Canada, the
United Kingdom, NATO and the European Union, as well as many of the leading
Fortune 500 companies. The Company is engaged in providing innovative design,
engineering and manufacturing solutions to its customers. API Technologies
trades on the OTC Bulletin Board under the symbol ATNY. For further
information, please visit the company website at www.apitech.com.
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Safe Harbor for Forward-Looking Statements
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Except for statements of historical fact, the information presented
herein constitutes forward-looking statements. All forward-looking statements
are subject to certain risks, uncertainties and assumptions which may cause
the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. These risks and
uncertainties, which are more fully described in the Company's Annual and
Quarterly Reports filed with the Securities and Exchange Commission, include
but are not limited to, general economic and business conditions, our ability
to integrate and consolidate our operations, our ability to expand our
operations in both new and existing markets, and the effect of growth on our
infrastructure. Should one or more of these risks or uncertainties
materialize, or should the assumptions prove incorrect, actual results may
vary in material aspects from those currently anticipated. All information in
this release is as of the date hereof. We undertake no duty to update any
forward-looking statement to conform the statement to actual results or
changes in the Company's expectations. Except as required by law, the Company
assumes no obligation to update or revise any forward-looking statements in
this press release, whether as a result of new information, future events, or
otherwise.
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/For further information: Jonathan Pollack of API Technologies Corp.,
+1-877-API-0-API, or jp@apitech.com Web Site: http://www.apitech.com/
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