MINNEAPOLIS--(BUSINESS WIRE)--
Nortech Systems Incorporated (Nasdaq: NSYS), a leading provider of full-service electronics manufacturing services (EMS), today announced that its board of directors has approved a stock repurchase program under which the company is authorized to repurchase shares of its common stock in an amount up to $250,000 over the next year, in amounts of up to $62,500 per quarter. The repurchases will be made in the open market in compliance with applicable securities laws and other legal requirements and are subject to market conditions, share price, available cash and other factors. The plan does not obligate the company to acquire any particular amount of common stock and it may be suspended or discontinued at any time.
“Nortech is dedicated to creating long-term value and repurchasing our common stock represents the board’s confidence in our company’s future,” said Rich Wasielewski, Nortech Systems’ president and CEO.
About Nortech Systems Incorporated
Nortech
Systems Incorporated (www.nortechsys.com),
based in Maple Grove, Minn., is a full-service EMS provider of wire and
cable assemblies, printed circuit board assemblies and higher-level
complete box build assemblies for a wide range of industries. Markets
served include medical, industrial and aerospace/defense. The company
has operations in the U.S., Latin America and Asia. Nortech Systems
Incorporated is traded on the NASDAQ Stock Market under the symbol NSYS.
Forward-Looking Statements
This
press release contains forward-looking statements made pursuant to the
safe harbor provision of the Private Securities Litigation Reform Act of
1995. While this release is based on management’s best judgment and
current expectations, actual results may differ and involve a number of
risks and uncertainties. Important factors that could cause actual
results to differ materially from the forward-looking statements
include, without limitation: volatility in market conditions which may
affect market supply of and demand for the company’s products; increased
competition; changes in the reliability and efficiency of operating
facilities or those of third parties; risks related to availability of
labor; commodity and energy cost instability; general economic,
financial and business conditions that could affect the company’s
financial condition and results of operations; as well as risk factors
listed from time to time in the company’s filings with the SEC.
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