SIMI VALLEY, Calif.--(BUSINESS WIRE)--Qualstar Corporation (NASDAQ: QBAK), a leader in providing tape-based data storage solutions, announced its Board of Directors approved a stock repurchase program for up to $2.4 million of the company’s outstanding common stock.
The stock buyback program, which is effective immediately, permits the company to repurchase shares from time to time through open market purchases. The actual timing, number and value of shares repurchased under the program will be determined in the Company’s discretion and will depend on a number of factors, including the market price of Qualstar’s stock, general market and economic conditions and applicable legal requirements. The program will expire on December 5, 2019, unless extended.
About Qualstar Corporation
Qualstar, founded in 1984, is a diversified electronics manufacturer specializing in data storage and power supplies. Qualstar is a leading provider of high efficiency and high-density power supplies marketed under the N2Power™ brand, and of data storage systems marketed under the Qualstar™ brand. Our N2Power power supply products provide compact and efficient power conversion for a wide variety of industries and applications including, but not limited to telecom, networking, broadcast, industrial, lighting, gaming and test equipment. Our Qualstar data storage products are used to provide highly scalable and reliable solutions to store and retrieve very large quantities of electronic data. Qualstar’s products are known throughout the world for high quality and Simply Reliable™ designs that provide years of trouble-free service. More information is available at www.qualstar.com or www.n2power.com or by phone at 805-583-7744. Connect with Qualstar on LinkedIn or Twitter.
Cautionary Statement Concerning Forward-Looking Statements
Statements used in this press release that relate to future plans, events, financial results, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995 and include statements about the share repurchase program approved by Qualstar’s board of directors. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. These forward-looking statements are based upon the current expectations and beliefs of Qualstar's management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including, without limitation, the following: the extent of our cash position from time to time and alternative uses of cash; our operating performance, and the nature and amount of cash generated from operations; economic, business and market factors affecting the market price of our common stock, including factors that may be unrelated to our performance; and general market, economic and business conditions. For further information on these risks and uncertainties, please refer to the risk factors discussed in Qualstar’s filings with the U.S. Securities and Exchange Commission including, but not limited to, Qualstar’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of such Form 10-K, and any subsequently filed reports. All of Qualstar’s filings are available without charge through the SEC’s website (www.sec.gov) or from Qualstar’s website (www.qualstar.com).The information contained in this press release is as of the date of this press release. Notwithstanding changes that may occur with respect to matters relating to any forward-looking statements, Qualstar does not expect to, and disclaims any obligation to, publicly update any forward-looking statements whether as a result of new information, future events or otherwise. Qualstar, however, reserves the right to update such statements or any portion thereof at any time for any reason.