MINNEAPOLIS – 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.
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.