(MENAFN - ACCESSWIRE) WASHINGTON, DC & HENDERSON, NV / ACCESSWIRE / July 22, 2021 / Quantum Energy Inc. (OTC:QEGY) ("Quantum") is pleased to announce the approval of a $2.0 million Stock Buy Back Program.
The Company announces that it's Board of Directors has approved a $2.0 million stock repurchase or Stock Buy Back ("Buy Back") program beginning July 22, 2021. The program is expandable to $3 million upon the recommendation of the Company's CFO.
Harry Ewert, Chief Executive Officer, stated "This month our Company has seen significant success in investment in our $50MM private placement, the approval of our $15MM municipal bond program, as well as our initial sales launch is showing steady growth. Our Board of Directors has decided wisely to begin a Buyback program at this time, which should open the door to increasing shareholder value."
The Company believes that a significant number of shares can be repurchased at this time based on a volume weighted average price of its common stock during the buyback term which will expire at the end of trading on August 20, 2021. The share repurchase program is incremental in nature, during the term, and offers, or market purchases shall be approved by the Company CFO.
William Westbrook, CFO has also confirmed that the Company will begin the share repurchase tomorrow, and that the repurchase will be paid primarily from cash on hand. "The company's liquidity is growing, and the balance sheet of the Company is picking up strength through the success of its private placement, growing backlog, an initial sales launch," stated Westbrook.
Mr. William Hinz, Chairman stated; "Again, the Quantum executive team is showing the results of years of preparation, and solid tactical execution of its overall strategic plan. This repurchase plan, will further strengthen the Company, and signal to our investors, that we are successfully executing our business plans, and increasing shareholder value."
Mr. Ewert and Mr. Westbrook will have more information on their strategies in an investor broadcast to be announced in early August. More information can be found at the Company website, .
Quantum Energy Inc. (QEGY)
About Quantum Energy Inc.
Quantum is an energy focused company with a project emphasis on rare earth refining, and property development in the United States and Canada. This includes the refining, processing and value-added manufacturing of rare earth elements, and other raw materials for the production of magnetic and associated energy related products.
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
For Company Contact:
D M Danzik
SOURCE: Quantum Energy Inc.
View source version on accesswire.com:
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.