WASHINGTON, D.C. and HENDERSON, Nev., April 11, 2022 (GLOBE NEWSWIRE) -- Quantum Energy Inc. (OTC: QEGY) ("Quantum") announces the approval of a new $2.0 million stock Buy-back Program. The Company's Board of Directors approved the $2.0 million stock repurchase or Stock Buy-Back ("Buy-back") program, beginning April 8, 2022.
Harry Ewert, Chief Executive Officer, stated, "Our first Buy-back Program launched last year resulted in over 27,000,000 million shares being purchased and retired, significantly lowering our outstanding shares. Our Board of Directors crafted a new Buyback program at this time, which are designed to improve shareholder value."
The Buy-back allows the Company to repurchase shares based on a volume-weight average price of its common stock until August 31, 2022, when this buyback program expires. The share repurchase program is incremental during the term, and the Company's CFO shall approve offers or market purchases.
William Westbrook, CFO, confirmed that the Company would begin the share repurchase, paid primarily from cash-on-hand. "The Company's improved balance sheet provides us with the opportunity to engage in this buy-back program at this time," stated Westbrook.
About Quantum Energy, Inc.
Quantum Energy Inc. (OTC: QEGY) is an energy-focused company with a project emphasis on rare earth refining and property development in the United States and Canada. This includes the refining, processing, and value-added manufacturing of rare earth elements and other raw materials to produce magnetic and associated energy-related products - www.qegy.energy.
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
For Company Contact:
Douglas C. Bean
Investor Relations
Washington, DC
202-750-3822
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a5e1df50-2a62-46f4-a843-f9f26a8c082d
