ANN ARBOR, Michigan,
November 24, 2014 /PRNewswire/ --
Arotech Corporation [Nasdaq GM: ARTX] announced today that it
has purchased shares under its share buy-back program, which was
originally approved by the Board of Directors in 2009 and expanded
and extended in August 2014.
In February 2009, the Company's
Board of Directors authorized the repurchase of up to $1 million of the Company's common stock, of
which Arotech previously used approximately $870,000. The repurchase program was extended in
August 2014 for an additional year
and the authorization was expanded to repurchase up to $2 million of the Company's common stock at
management's discretion. As of September 30,
2014, the company had cash and cash equivalent assets on the
balance sheet amounting to $11.0
million.
The Company reported that since November
18, under the buy-back program, it has purchased a total of
75,000 shares, for approximately $170,000. A further $960,000 of the program remains, which may be
utilized under management's discretion until August 2015.
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and
security products for the military, law enforcement and homeland
security markets, including multimedia interactive
simulators/trainers and advanced zinc-air and lithium batteries and
chargers. Arotech operates two major business divisions: Training
and Simulation and Battery and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in
Ann Arbor, Michigan, and research,
development and production subsidiaries in Alabama, Michigan, South
Carolina and Israel. For
more information on Arotech, please visit Arotech's website at
http://www.arotech.com .
Except for the historical information herein, the matters
discussed in this news release include forward-looking statements,
as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements reflect management's current knowledge,
assumptions, judgment and expectations regarding future performance
or events. Although management believes that the expectations
reflected in such statements are reasonable, readers are cautioned
not to place undue reliance on these forward-looking statements, as
they are subject to various risks and uncertainties that may cause
actual results to vary materially. These risks and uncertainties
include, but are not limited to, risks relating to: product and
technology development; the uncertainty of the market for Arotech's
products; changing economic conditions; delay, cancellation or
non-renewal, in whole or in part, of contracts or of purchase
orders (including as a result of budgetary cuts resulting from
automatic sequestration under the Budget Control Act of 2011); and
other risk factors detailed in Arotech's most recent Annual Report
on Form 10-K, as amended, for the fiscal year ended
December 31, 2013 and in Exhibit 99.3
to Arotech's Current Report on 8-K, filed on April 1, 2014, and other filings with the
Securities and Exchange Commission. Arotech assumes
no obligation to update the information in this
release. Reference to the Company's website above does not
constitute incorporation of any of the information thereon into
this press release.
Investor Relations Contact
For more information on Arotech or investor/public relations,
please contact:
Ehud Helft and Kenny Green at GK Investor & Public
Relations
Tel: +1-646-201-9246.
E-mail: arotech@gkir.com
SOURCE Arotech Corporation