Quantum Energy Inc (QEGY) Announces Share Buyback of 10,832,550 Shares

Rhea-AI Summary

Quantum Energy Inc. (QEGY) has announced an extension of its $2.0 million Stock Buyback Program, increasing the budget to $3.0 million. Since the program's initiation on July 22, 2021, shares in circulation have been reduced from 48,491,485 to 37,658,935. CEO Harry Ewert emphasized the program's role in enhancing shareholder value and supporting balance sheet growth this year. CFO William Westbrook stated that the buyback will primarily utilize cash on hand, which continues to strengthen the company's liquidity. More details will be shared in an upcoming investor broadcast.

Positive

• Stock buyback program extended to $3.0 million from $2.0 million.
• Shares in circulation decreased from 48,491,485 to 37,658,935.
• The buyback is expected to enhance shareholder value and strengthen the balance sheet.

Negative

• None.

Buyback Program Extension and Results

WASHINGTON, DC and HENDERSON, NV / ACCESSWIRE / August 26, 2021 / Quantum Energy Inc. (OTC PINK:QEGY) ("Quantum") is pleased to announce the approval of an extension of its $2.0 million Stock Buyback Program

The Company announces that its Board of Directors has approved an extension of the Company's $2.0 million stock repurchase or Stock Buyback ("Buyback") program that began July 22, 2021. As well, the Board increased the budgeted amount of the buyback not to exceed $3.0 million.

Harry Ewert, Chief Executive Officer, stated "Quantum again has performed. The Company has seen significant success in the Buyback Program. The Buyback Program is increasing shareholder value, and will set the stage for balance sheet growth through this calendar quarter and the final calendar quarter of this year."

The Company has reduced its shares in circulation from 48,491,485 to 37,658,935. The share repurchase program is incremental in nature, during the term, and offers, or market purchases shall be approved by the Company CFO.

William Westbrook, CFO has also confirmed that the Company has continued the share repurchase, and that the repurchase will be paid primarily from cash on hand or from settlements. "The company's liquidity is still steadily growing, and the balance sheet of the Company continues to build strength through the success of its private placement, order book, and raw material testing and conversion.", stated Westbrook.

Mr. Ewert and Mr. Westbrook will have more information on their strategies in an investor broadcast to be announced on August 31, 2021 at 10AM Pacific Daylight Savings Time and can be found at the Company website, www.qegy.energy.

Quantum Energy Inc. (QEGY) www.qegy.energy

About Quantum Energy Inc.

Quantum is an energy focused company with a project emphasis on rare earth refining, and property development in the United States and Canada. This includes the refining, processing and value-added manufacturing of rare earth elements, and other raw materials for the production of magnetic and associated energy related products.

Safe Harbor Forward-Looking Statements

To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.

For Company Contact:

D M Danzik
Investor Relations
Washington, DC
202-750-3822
danzik@qegy.energy

SOURCE: Quantum Energy Inc.

View source version on accesswire.com:
https://www.accesswire.com/661548/Quantum-Energy-Inc-QEGY-Announces-Share-Buyback-of-10832550-Shares

FAQ

What is the total amount of the extended stock buyback program for Quantum Energy Inc. (QEGY)?

The total amount of the extended stock buyback program is $3.0 million.

How many shares has Quantum Energy Inc. (QEGY) repurchased since the buyback program started?

Quantum Energy Inc. (QEGY) has repurchased shares, reducing its shares in circulation from 48,491,485 to 37,658,935.

When was the initial stock buyback program for QEGY initiated?

The initial stock buyback program for Quantum Energy Inc. (QEGY) was initiated on July 22, 2021.

What is the purpose of Quantum Energy Inc.'s (QEGY) stock buyback program?

The purpose of the stock buyback program is to enhance shareholder value and support balance sheet growth.

When will Quantum Energy Inc. (QEGY) provide more information regarding their strategies?

More information regarding their strategies will be shared in an investor broadcast on August 31, 2021, at 10 AM Pacific Daylight Savings Time.