NanoTech Entertainment just announced that it has completed the third phase of an ongoing plan to decrease the number of outstanding shares. The NanoTech Board of Directors had previously authorized a program under which the company has already retired 221 million shares of its outstanding common stock.
At the 2013 shareholders meeting Director Ted Campbell announced a continuation of the effort. Campbell stated, "Early on, NanoTech had leveraged its ability to finance the company through a series of convertible debentures. Now that we have moved out of the R&D phase and have several products gaining traction in the market, we are shifting our focus to continually increase shareholder value. By continually reducing our outstanding shares coupled with our ever improving Balance Sheet and Income Statement, we are showing the investment community our long term strength and viability."
NanoTech CEO Jeffrey A. Foley stated, "In this third phase of the share reduction, we were able to retire over 93 million shares. Some of those shares were used in negotiations with two recent acquisitions of companies and technologies that we had not planned for. Those opportunities just presented themselves a couple of months ago, and we felt that the strategic value justified the use of some of those shares. Those acquisitions coupled with our continuing expansion and growth and efforts to attract the best talent and technology that we can find, means that our net reduction at this time was roughly 46 million shares, or 9% of our issued and outstanding shares."
"We have also reduced our authorized shares from 990 million to 740 million. We have done this as a further indicator to the investment community of the direction that the company is heading. We no longer need to issue large blocks of shares to fund the company and instead only need the ability to cover ongoing employee commitments and leave room for possible further growth through mergers and acquisitions," concluded Foley.
For more information on NanoTech Entertainment, visit NanoTechEnt.com
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