SAN JOSE, Calif.,
May
6, 2013 /PRNewswire/ --
NANOTECH
ENTERTAINMENT (OTC Pink: NTEK) today announced that it has
released its Quarterly Financials for the period ending
March
31, 2013 (Q3FY13). The report shows revenues are up 37%
over projections. NanoTech also completed the third phase of a plan to
buy back shares of its common stock. The NanoTech Board of Directors
authorized a share repurchase program under which the company
repurchased 42 million shares of its outstanding common stock in a
privately negotiated transaction designed to optimize resources and
cash flow while reducing outstanding shares. So far in 2013 a total
reduction of 238 million shares have been acquired by the company and
returned to treasury.
"Our total issued and outstanding shares have now been reduced to
fewer than 546 million shares. The shares have been returned to
treasury and our new lower total outstanding shares are now reflected
in our accounts at our transfer agent," stated
Jeffrey
A. Foley, President and CEO of NanoTech. "This
continued reduction in outstanding shares has given us more leverage
for future contracts and investments strengthening the company while
increasing shareholder value." Foley closed by stating, "With pinball
product sales higher than forecast, combined revenues being to flow
from both our media and communications divisions, we are looking for a
continuation of growth in the second quarter of 2013 (Q4FY13) and
beyond. Our goal is to move into profitability this year."
About NanoTech
EntertainmentHeadquartered in
Las
Vegas, NV,
NanoTech
Entertainment is a technology company that focuses on all
aspects of the entertainment industry. With three business units,
focusing on Gaming, Media & IPTV and Mobile Apps, the company has a
unique business model. The company has a diverse portfolio of products
and technology.
NanoTech Gaming Labs operates as a virtual
manufacturer, developing its technology and games, and licensing them
to third parties for manufacturing and distribution in order to keep
its overhead extremely low and operations efficient in the new global
manufacturing economy. NanoTech Media develops proprietary technology
which it licenses to publishers for use in their products as well as
creating and publishing unique content.
NanoTech Communications
develops and sells proprietary apps and technology in the Mobile and
Consumer space. NanoTech is redefining the role of developers and
manufacturers in the global market. More information about
NanoTech
Entertainment and its products can be found on the web at
www.NanoTechEnt.com.
NanoTech Entertainment (OTC Pink: NTEK) trades on OTC Pink, the
open marketplace for a wide spectrum of equity securities. Investors
can find real-time quotes and market information at
www.otcmarkets.com.
"Safe Harbor" Statement: Under The Private Securities Litigation
Reform Act of 1995: The statements in the press release that relate to
the company's expectations with regard to the future impact on the
company's results from new products in development are forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995. Since this information may contain statements that
involve risk and uncertainties and are subject to change at any time,
the company's actual results may differ materially from expected
results.
The NanoTech
Entertainment logo is a trademark of NanoTech
Entertainment, Inc. All rights reserved. All other marks are the
property of their respective owners. "The Future of Television" is a
service mark of NanoTech
Entertainment, Inc., All Rights Reserved
Contact:
Denise CliffordPhone:
(408) 414-7355
Email:
pr@nanotechent.com
SOURCE
NanoTech
Entertainment
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1 comment:
Thanks for this finance related post....
Penny stocks
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