BROOMFIELD — Industrial Nanotech Inc., (Pink Sheets: INTK), a Broomfield-based nanotech company, has launched a stock buyback program, effective June 1.
The program is intended “to reduce the total amount of issued and outstanding shares of common stock of the company, enhance shareholder value, and strategically position the company for up-listing to a more senior exchange in early 2023,” according to a press release.
The frequency and amount of the stock buyback will be determined by revenue and U.S. Securities and Exchange Commission regulations, the company said.
The decision to execute the stock buyback program comes after the company reported record quarterly revenue of more than $3 million for the first quarter, up 678% from $385,793 during the fourth quarter of 2021.
First-quarter net income totaled $1.6 million, compared with a net loss of $297,181 in the fourth quarter.
“By using our strong balance sheet to reduce the number of outstanding common shares, we can increase shareholder value, while maintaining sufficient cash reserves to fund our global business operations,” Industrial Nanotech CEO Stuart Burchill said in a written statement. “We will buy back as many shares as possible and as fast as we can.”
Industrial Nanotech focuses on nanotech solutions for the food-and-beverage, maritime, chemical and petrochemical, agriculture, equipment-manufacturing, and pulp and paper-mills industries, according to the company’s website.
Its brands include Syneffex, which provides thermal insulation and protective coatings.
Industrial Nanotech is headquartered at 390 Interlocken Crescent. The company formerly was based in Naples, Florida. It’s unclear when the company moved to Broomfield.
Burchill could not be reached for comment.