RICHARDSON, TX / ACCESSWIRE / September 22, 2021 / Optex Systems Holdings, Inc. (OTCQB: OPXS), a leading manufacturer of precision optical sighting systems for domestic and global military and commercial applications, today announced that it has authorized a share buyback program of $ 1.0 million, effective immediately.
Karen Hawkins, Chief Financial Officer of Optex Systems Holdings Inc., said: âWe are delighted that our strong working capital allows us to continue to return capital to our investors through the addition of another buyout program. ‘actions. Our previous share buyback program which started on June 8, 2020 was successfully completed in April 2021, when the company was able to buy back 519,266 shares. We continue to believe that share buybacks are a prudent use of capital, increasing both shareholder value and market liquidity.
Shares authorized to be repurchased under the share repurchase program may be purchased from time to time at prevailing market prices, in the open market or in negotiated transactions, depending on market conditions and under reservation of Rule 10b-18 as promulgated by the SEC. The buyback program activity will begin immediately and will be funded from the company’s working capital. There is no guarantee as to the exact number of shares that will be repurchased by the company or when they can be purchased or whether any shares will be repurchased. The company may discontinue buybacks under the plan if management determines that further buybacks are not warranted.
ABOUT OPTEX SYSTEMS
Optex, which was founded in 1987, is an ISO 9001: 2015 certified company based in Richardson, Texas, which manufactures optical sighting systems and assemblies primarily for Department of Defense (DOD) applications. Its products are installed on various types of US military ground vehicles, such as Abrams and Bradley combat vehicles, light armored vehicles and armored security vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and supplies many configurations of periscopes, rifle and surveillance sights and night vision optical assemblies. Optex delivers its products both directly to military services and prime contractors. For more information, please visit the Company’s website at www.optexsys.com.
Safe Harbor Declaration
This press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the products and services described in this document. You can identify these statements using the words “may”, “will”, “could”, “should”, “should”, “plans”, “expects”, “anticipates”, “continue”, “Estimate,” “” project “,” intention “,” probable “,” forecast “,” probable “and similar expressions. These forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from those projected or anticipated.These risks and uncertainties include, but are not limited to, the continued funding of defense programs and military spending, the timing of such funding, general economic and business conditions, including unforeseen weakness in domestic markets. Society, the effects of continuing geopolitical unrest and regional conflicts, competition, changes in technology and marketing methods, delays in the completion of engineering and manufacturing programs, changes in models s customer ordering, changes in product line, continued success in technological advancements and implementation of technological innovations, changes in the US government’s interpretation of federal procurement rules and regulations, changes in expenses due to policy changes in any new Federal Presidential Administration, market acceptance of the company’s products, component shortages, production delays due to performance quality issues with outsourced components, failure to fully realize the expected benefits of acquisitions and restructurings or delays in achieving these benefits, difficulties in integrating acquired businesses and achieving anticipated synergies, changes in export regulations, increases in tax rates, changes in accounting principles generally recognized, difficulties retaining key employees and customers, unforeseen costs of a fixed price service and system integration commitments, changes in the market for micro-capitalized stocks regardless of growth and value and various other factors beyond our control.
You should carefully consider any such statement and understand that there are many factors that could cause actual results to differ from the Company’s forward-looking statements. These factors include incorrect assumptions and a wide variety of other risks and uncertainties, including some known and some not. No forward-looking statement can be guaranteed and actual future results may vary significantly. The Company assumes no obligation to update any forward-looking statement. You should carefully evaluate these statements in light of the factors described in the documents filed by the Company with the SEC, in particular on Forms 10-K, 10-Q and 8-K. In various filings, the Company has identified significant factors that could cause actual results to differ from expected or historical results. You must understand that it is not possible to predict or identify all of these factors. Therefore, you should not consider such a list to be a complete list of all potential risks or uncertainties.
THE SOURCE: Optex Systems Holdings, Inc.
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