SAN JOSE, Calif.--(BUSINESS WIRE)--NanoTech Entertainment (OTCPINK: NTEK) announced that it has completed the third phase of an ongoing plan to reduce the outstanding shares of its common stock. 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 in privately negotiated transactions earlier this year. At the 2013 shareholders meeting Director Ted Campbell announced a continuation of the effort. Campbell noted, “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.” Campbell added, “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.” Foley closed by noting “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.”
About NanoTech Entertainment
Headquartered in San Jose, CA, NanoTech Entertainment is a technology company that focuses on all aspects of the entertainment industry. With five technology business units, focusing on 3D, Gaming, Media & IPTV, Mobile Apps, and Manufacturing, the company has a unique business model. The company has a diverse portfolio of products and technology. NanoTech Gaming Labs operates as a virtual manufacturer, developing its technology and games, and licensing them to third parties for manufacturing and distribution in order to keep its overhead extremely low and operations efficient in the new global manufacturing economy. NanoTech Media develops proprietary technology which it licenses to publishers for use in their products as well as creating and publishing unique content. NanoTech Communications develops and sells proprietary apps and technology in the Mobile and Consumer space. Clear Memories is the global leader in 3D ice carving and manufacturing technology. NanoTech is redefining the role of developers and manufacturers in the global market. More information about NanoTech Entertainment and its products can be found on the web at www.NanoTechEnt.com.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
The NanoTech Entertainment logo is a trademark of NanoTech Entertainment, Inc. NanoFlix, NanoTales, NanoBooks, Nuvola NP-1, Nuvola NP-C, Nuvola GP-1, Nuvola RF-10 are trademarks of NanoTech Media Corporation. All rights reserved. All other marks are the property of their respective owners. “The Future of Television” is a service mark of NanoTech Entertainment, Inc., All Rights Reserved.