TAMPA, Fla., Nov. 16, 2017 (GLOBE NEWSWIRE) -- Umbra Applied Technologies Group (OTC:UATG)
UAT Group announced today that it is currently reviewing its overall capital structure, projected revenues and manufacturing capabilities to determine the viability of a shareholder dividend offering in the future. Furthermore the company is also evaluating the possibility of providing additional shareholder benefits, outside of a future dividend such as shareholder discounts on UAT Group products. Due to the logistics of such a discount this can only be provided to a shareholder of record so the company urges shareholders to register at their shares in their own name as opposed to a brokerage firm or investment fund.
Chief Executive Officer, Alex Umbra stated, “In keeping with our commitment to shareholder value and participation I, over the past 10 months, have authorized the purchase of shares from the market and am currently reviewing the company’s ability to provide more value to our shareholders”.
UATG is currently finalizing their internal audits and is expected to turn over auditing to an independent auditor by year end in preparation of an S1 filing. This is keeping with the company’s longstanding comments on its intention to up-list to a QX company.
Mr. Umbra further commented, “We initially launched the Hygieia socks without marketing for the first two months so we could ensure that the manufacturing and fulfillment operations, as well as operational protocols, in place operated efficiently. This afforded us the ability to make corrections where and when needed on a small scale instead of a potentially catastrophic failure effecting many customers. We are pleased to report that the initial sales launch of Hygieia has progressed very smoothly and exceeded expectations. By the end of November, we will have a robust marketing apparatus in place and we expect an immediate 40% increase in sales as a result”.
The company intends to announce the further expansion of its antimicrobial Hygieia product line in the coming weeks with the much anticipated Hygieia HP (High Performance) sock being announced shortly. The company has also indicated that while the Hygieia sock line will be offered in a variety of colors the company is not stopping there and the Hygieia men’s Boxer Briefs and Hygieia Bedding are expected to be announced in the coming months.
Chief Financial Officer Thomas Crom recently stated, “The UAT Biotech division is expected to drive revenues for the next seven to eight months with additional divisions coming on line mid-2018. UAT is currently reviewing several acquisitions so I would expect an expansion of revenues and assets in the near future”.
UAT Group is currently thriving from its recent product line launch and is determined to build on the company’s recent success. UAT Group and its subsidiaries continue to seek new opportunities for market expansion and currently negotiating multiple contracts to support that effort.
About Umbra Applied Technologies, Inc.
Umbra Applied Technologies is a member of the Umbra Applied Technologies Group (OTC: UATG) family of companies. Headquartered in Tampa, Florida UAT Group is a technology and innovation leader specializing in defense, civil government and technology solutions. UAT Group is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services for defense, civil, and commercial applications in United States and internationally. It also provides management, engineering, technical, scientific, logistic, and information services.
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This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and a secondary listing on the OTC as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of Umbra Applied Technologies including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Risks and uncertainties about Umbra Applied Technologies business are more fully discussed in the company's disclosure materials, including its MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Umbra Applied Technologies does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Source:Umbra Applied Technologies Group, Inc.