Nortech Systems Approves Stock Repurchase Program

Reading time ( words)

Nortech Systems Incorporated announced that its board of directors has approved another installment of a stock repurchase program similar to the company’s inaugural repurchase program that expired last month.

The approved program authorizes the company to repurchase shares of its common stock in an amount up to $250,000 up through July 2019, in amounts of up to $62,500 per quarter. Under the prior repurchase program, which started in August 2017, the company spent substantially all of the $250,000 that was authorized.

“The next installment of this repurchase program shows that Nortech’s board and management continue to share confidence in our future direction and potential,” said Rich Wasielewski, Nortech Systems’ president and CEO. “Our strategic initiatives are gaining traction across all our locations and markets, aided by the improving global economic outlook.”

In addition, Nortech Systems’ chairman of the board, David Kunin, has concurrently established a plan to purchase shares of Nortech common stock in an amount up to $25,000 up through July 2019.

The purchases by the company and Kunin will be made in the open market in compliance with applicable securities laws and other legal requirements and are subject to market conditions, share price, available cash and other factors. The plans do not obligate the company or Kunin to acquire any particular amount of common stock and may be suspended or discontinued at any time.

About Nortech Systems Incorporated

Nortech Systems, based in Maple Grove, Minn., is a full-service electronics manufacturing services (EMS) provider of complex interconnect solutions, printed circuit board assemblies and diagnostic repair and integration services including higher-level assemblies and box builds for a wide range of industries. Markets served include industrial and commercial equipment, medical device, and aerospace & defense. Nortech has a range of specialized, high-tech facilities in the U.S., Latin America and Asia used for customized design, manufacture, testing and repair of its solutions. Nortech Systems is traded on the NASDAQ Stock Market under the symbol NSYS. For more information, click here.

04/25/2023 | Barry Matties, I-Connect007

At the recent SMTA Boise Expo & Tech Forum, Barry Matties spoke with Doug Holtz, national sales manager of Conductive Containers, about challenges related to ESD and where manufacturers are most vulnerable. It’s a growing concern, Doug says, and there are important lessons to be learned. Doug also reviews his presentation, and he points out how reducing touchpoints in the supply chain can make a world of difference for both customers and manufacturers.

04/12/2023 | Andy Shaughnessy, Design007 Magazine

At the recent Dallas SMTA Expo and Tech Forum, I spoke with many of the 100 exhibitors who dotted the exhibit floor. David Thomas, an IPC master instructor at EPTAC, was running the training company’s booth there. I asked him to update me on EPTAC’s latest efforts and to discuss the value of exhibiting at local events like this one.

04/05/2023 | Barry Matties, I-Connect007

During SMTA Dallas Expo 2023, Barry Matties spoke with Morgan Miller, field application engineer at Insituware, about the need for real-time measurement capabilities, like the Vision MARK-1 device offers, which is powered by analytical sensors, machine learning, and cloud-based technology to bring materials control solutions right to the factory floor.