Windber, PA - (PR Newswire) - March 9, 2010 - API Technologies Corp. (ATNY.OB) ("API" or the "Company"), a prime contractor in sophisticated electronics, highly engineered systems, secure communications and electronic components and subsystems to the global defense and aerospace industries, announced today that its Board of Directors has approved a program to repurchase, from time to time and subject to market conditions, up to 3,300,000 shares of API's outstanding common stock on the open market or in privately negotiated transactions over the next 12 months. Repurchases are authorized to begin after the Company files its third quarter results in mid-April on Form 10-Q with the Securities and Exchange Commission. The Company will fund the program with available cash on hand.
"We believe the repurchase of the Company's shares at current price levels represents an attractive long-term investment," said Stephen Pudles, API's Chief Executive Officer. "API is committed to providing value for our shareholders and our repurchase program reflects our continuing confidence in the Company's financial strength and growth prospects."
The number of shares authorized to be repurchased under the program represents approximately 10% of API's common stock outstanding as of March 3, 2010.
About API Technologies Corp.
API Technologies Corp. is a prime contractor in sophisticated electronics, highly engineered systems, secure communications and electronic components and subsystems to the global defense and aerospace industry. API Technologies' customers include the governments of the U.S., Canada, the United Kingdom, NATO and the European Union, as well as many of the leading Fortune 500 companies. The Company is engaged in providing innovative design, engineering and manufacturing solutions to its customers. API Technologies trades on the OTC Bulletin Board under the symbol ATNY. For further information, please visit the company website at www.apitech.com .
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties, which are more fully described in the Company's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include but are not limited to, general economic and business conditions, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, and the effect of growth on our infrastructure. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.