Cemtrex Announces Share Repurchase Program for Series 1 Preferred
23 Agosto 2023 - 3:00PM
Cemtrex Announces Share
Repurchase Program for Series 1 Preferred
Brooklyn, N.Y., August 23, 2023 -- Cemtrex (Nasdaq: CETX,
CETXP), an advanced security technology and industrial services
company, announced today that its Board of Directors has authorized
a share repurchase program under which the Company may repurchase
up 2,300,000 shares of its outstanding Series 1 Preferred Stock
from time-to-time commencing September 1, 2023 and ending on August
31, 2026, subject to market conditions.
"Cemtrex’s Board of Directors and management team believe that
the market currently undervalues our business," commented Saagar
Govil, CEO of Cemtrex. "The share repurchase program provides us
with flexibility to repurchase the preferred stock over time if
market conditions persist."
Under the share repurchase program, the Company may periodically
repurchase its preferred stock through open market transactions,
privately negotiated transactions, block trades or any combination
thereof in compliance with applicable securities laws and the
Company’s insider trading policy. The number of shares repurchased
and the timing of repurchases will depend on a number of factors,
including, but not limited to, price, trading volume, and general
market conditions, along with Cemtrex’s working capital
requirements and general business conditions. The share repurchase
program does not obligate the Company to acquire any specific
number of shares in any period, and may be expanded, extended,
modified or discontinued at any time.
About Cemtrex
Cemtrex Inc. (CETX) is a company that owns two
operating subsidiaries: Vicon Industries Inc and Advanced
Industrial Services Inc.
Vicon Industries, a subsidiary
of Cemtrex Inc., is a global leader in advanced security and
surveillance technology to safeguard businesses, schools,
municipalities, hospitals and cities. Since 1967, Vicon delivers
mission-critical security surveillance systems, specializing in
engineering complete security solutions that simplify deployment,
operation and ongoing maintenance. Vicon provides security
solutions for some of the largest municipalities and businesses in
the U.S. and around the world, offering a wide range of
cutting-edge and compliant security technologies, from AI-driven
video analytics to fully integrated access control solutions. For
more information visit www.vicon-security.com
AIS – Advanced Industrial
Services, a subsidiary of Cemtrex, Inc., is a premier
provider of industrial contracting services including
millwrighting, rigging, piping, electrical, welding. AIS Installs
high precision equipment in a wide variety of industrial markets
including automotive, printing & graphics, industrial
automation, packaging, and chemicals. AIS owns and operates a
modern fleet of custom designed specialty equipment to assure safe
and quick installation of your production equipment. Our talented
staff participates in recurring instructional training, provided to
ensure that the most current industry methods are being utilized to
provide an efficient and safe working environment. For more
information visit www.ais-york.com
For more information visit www.cemtrex.com.
Safe Harbor Statement
Forward-Looking StatementsThis press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, including
statements relating to the closing of the offering, gross proceeds
from the offering, our new product offerings, expected use of
proceeds, or any proposed fundraising activities. These
forward-looking statements are based on management’s current
expectations and are subject to certain risks and uncertainties
that could cause actual results to differ materially from those set
forth in or implied by such forward looking statements. Statements
made herein are as of the date of this press release and should not
be relied upon as of any subsequent date. These risks and
uncertainties are discussed under the heading “Risk Factors”
contained in our Form 10-K filed with the Securities and Exchange
Commission. All information in this press release is as of the date
of the release and we undertake no duty to update this information
unless required by law.
For further information, please contact:
Investor Relations
Chris Tyson
Executive Vice President – MZ North America
Direct: 949-491-8235
CETX@mzgroup.us
www.mzgroup.us
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