LAS VEGAS, Feb. 1, 2013 /PRNewswire/ -- NANOTECH ENTERTAINMENT (PINKSHEETS: NTEK) today announced that it has now completed the second phase of a plan to buy back shares of its common stock. The NanoTech Board of Directors had previously authorized a share repurchase program under which the company repurchased 25% of its outstanding common stock from the open market and in privately negotiated transactions. The program identified two stages, whereby a total of 195 million shares were acquired. The company had completed the phase one buyback on January 25th 2013 and has now completed the phase two buyback.
"Our total issued and outstanding shares have now been reduced from over 766 million shares to fewer than 575 million shares. The shares are being returned to treasury and our new lower total outstanding shares will be reflected in our accounts at our transfer agent by the close of business on Monday," stated Jeffrey A. Foley, President and CEO of NanoTech. "This reduction in outstanding shares has given us leverage for future contracts and investments strengthening the company. This also reiterates our commitment to building long-term value for the company and its shareholders." Foley closed by stating, "We will use these assets to optimize our opportunities to increase investments in R&D as well as enter into strategic partnerships and acquisitions. The buyback puts us in a stronger position as we identify such opportunities."
About NanoTech Entertainment
Headquartered in Las Vegas, NV, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With three business units, focusing on Gaming, Media & IPTV and Mobile Apps, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming Labs operates as a virtual manufacturer, developing its technology and games, and licensing them to third parties for manufacturing and distribution in order to keep its overhead extremely low and operations efficient in the new global manufacturing economy. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. NanoTech is redefining the role of developers and manufacturers in the global market. More information about NanoTech Entertainment and its products can be found on the web at www.NanoTechEnt.com.
NanoTech Entertainment (PINKSHEETS: NTEK) trades on OTC Pink, the open marketplace for a wide spectrum of equity securities. Investors can find real-time quotes and market information at www.otcmarkets.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
The NanoTech Entertainment logo is a trademark of NanoTech Entertainment, Inc. All rights reserved. All other marks are the property of their respective owners. "The Future of Television" is a service mark of NanoTech Entertainment, Inc., All Rights Reserved
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