The Company’s Board of Directors Approves a Share Repurchase Program to begin immediately with up to $19.5 Million of Earnings dedicated to Reducing the Level of Outstanding Common Stock Shares.
RESEARCH TRIANGLE PARK, N.C. (June 10, 2022) – Cyberlux Corporation, (OTC: CYBL), an advanced digital technology platform company leading the digital transformation evolution across industries with breakthrough Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) solutions, advanced unmanned aircraft solutions (UAS), cutting-edge lighting solutions, and renewable energy and infrastructure technology solutions, announced that its Board of Directors has approved a Share Repurchase Program under which the Company may repurchase up to $19.5 million in value of its outstanding common stock, which has a par value of $0.001 per share.
From time to time, the Company will make common stock purchases in the open market and in privately negotiated transactions, subject to market conditions, share price and other internal factors. The amount and timing of any share repurchase transactions will be determined based on the Company’s evaluation of market conditions and other factors and the program may have additional funding over time, may be discontinued or suspended at any time at the Company’s discretion. All repurchase transactions executed by the Company will be made in accordance with the Security and Exchange Commission rules and regulations and any other specific legal requirements the Company may be subject to. In part, the Company’s repurchase transactions may be conducted under a Rule 10b5-1 plan, which allows stock repurchase transactions when the Company might otherwise be precluded from executing repurchases. The Company intends to fund the Share Repurchase Program with available cash flow from Operations and from its pipeline of future business and contracts.
In summary, the Share Repurchase Program is defined as follows:
- Company may repurchase up to $19.5 million in value of its Outstanding Common Stock.
- From time to time, CYBL will purchase shares of Common Stock in the open market and in privately negotiated transactions, subject to market conditions, share price and other factors.
- The timing and amount of any shares repurchased will be determined based on the Company’s evaluation of market conditions and other factors and the program may have additional funding over time, may be discontinued, or suspended for periods of time, at the discretion of the Company’s Board of Directors and Management.
- Repurchases will be made in accordance with the Security and Exchange Commission rules and regulations and other specific legal requirements to which the Company may be subject.
- Repurchases may be made, in part, under a Rule 10b5-1 plan, which allows stock repurchases when the Company might otherwise be precluded from doing so.
- The Company intends to fund the Share Repurchase Program with available cash flow from Operations.
Cyberlux Corporation CEO Mark Schmidt commented:
“With our strategic plans now in full execution mode and Operation Alpha delivering consistent levels of growth and global market advancement, we are now able to take the next level of Corporate action for our shareholders, as we have intended for some time. We have been delivering shareholder value creation through our business execution and growth, but I am very excited to now bring this Share Repurchasing Program to our shareholders and drive our value creation from such a fundamental, yet incremental, level as well.
Our Board of Directors worked very hard to design the Share Repurchasing Program and we expect to retire a meaningful level of outstanding shares over the coming months as we continue to drive our business execution and growth levels to meet and exceed our revenue and cash flow plans for the next year. The CYBL equity structure is fundamental to every shareholder and we intended to “reduction the denominator” by a significant level over time.
Our Management team would expect to see a significant level, 20% or more, of repurchasing of our outstanding equity, while no exact outstanding share reduction levels have been specified given the nature of the OTC markets. This is a significant action to help our shareholders accrue value in their share positions as the Company continues to expand through acquisitions, across government agencies, and in targeted commercial and international markets with our products, technologies, and services. Having a healthy equity structure is vitally important. Let’s go!”
About Cyberlux Corporation
Cyberlux Corporation (OTC Bulletin Board: CYBL) is a digital technology platform company providing breakthrough Digital Platform Solutions, including Platform-as-a-Service and Software-as-a-Service solutions, advanced Unmanned Aircraft Solutions, Advanced Lighting Solutions, Infrastructure and Renewable Energy Technology Solutions to U.S. government agencies, commercial customers, and international growth markets. Cyberlux is “Harnessing the Future” by leading digital transformation across global industries, driving operational growth through an accelerated acquisitions and joint ventures strategy, and continuously fueling growth with current and future technology developments. For more information, please visit www.cyberlux.com. For investor information, please contact: firstname.lastname@example.org
SAFE HARBOR STATEMENT
This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results implied by such statements. These factors include, but are not limited to, our ability to continue to enhance our products and systems to address industry changes, our ability to expand our customer base and retain existing customers, our ability to effectively compete in our market segment, the lack of public information on our company, our ability to raise sufficient capital to fund our business operations, our ability to continue as a going concern, and a limited public market for our common stock, among other risks. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward-looking statements speak only as to the date they are made, and we do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
SOURCE: Cyberlux Corporation