FARMINGDALE, N.Y.--Cemtrex Inc. (Nasdaq: CETX), a world-leading industrial and manufacturing solutions company, announced today that the Company has acquired 130,409 shares of Cemtrex common stock during the past ten days. Combined with the previously announced purchase of 201,430 shares, this brings the total shares repurchased by the company to 331,839 which are now classified as treasury shares.
The Company’s purchase was made under the share repurchase authorization that Cemtrex’s board of directors approved in 2016 for the repurchase of up to one million outstanding shares over a 12 month period, depending on market conditions. This purchase reflects the company’s confidence in its outlook and growth prospects and management’s belief that the shares are extremely undervalued at their current prices.
Cemtrex, Inc. (NASDAQ:CETX) is a global, diversified industrial and manufacturing company that provides a wide array of solutions to meet today’s technology challenges and is rapidly growing through acquisitions. Cemtrex provides manufacturing services of advanced custom-engineered electronics, industrial contracting services, monitoring instruments for industrial processes and environmental compliance, and equipment for controlling particulates, hazardous pollutants, and Greenhouse gases used in carbon trading globally.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, the matters set forth herein that are forward-looking statements involve certain risks and uncertainties that could cause actual results to differ. Potential risks and uncertainties include, but are not limited to, Cemtrex's expectations and beliefs regarding the unpredictability and cost of litigation, changes in the trading market for our securities, and general economic and market condition; and the other risk factors set forth from time to time in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2016, and the Company's periodic filings with the SEC, copies of which are available free of charge at the SEC's website at www.sec.gov or upon request from Cemtrex. All forward-looking statements herein reflect our opinions only as of the date of this release. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Cemtrex undertakes no obligation, and expressly disclaims any obligation, to update forward-looking statements herein in light of new information or future events, except as required by federal securities laws.