Quantum Energy Inc (QEGY) Announces Share Buyback Update of 18,941,550 Shares

Rhea-AI Summary

Quantum Energy Inc. (QEGY) has made significant strides in its $2.0 million stock buyback program, raising the budget to $3.0 million. The program has successfully reduced the shares in circulation from 48,491,485 to 29,549,935, marking a 39% decrease. CEO Harry Ewert highlighted the program's role in strengthening the company's balance sheet and positioning it for growth. CFO William Westbrook confirmed that the buyback will primarily utilize cash on hand, contributing to the company's liquidity and financial strength.

Positive

• Successful reduction of shares in circulation by 39%.
• Increased buyback budget from $2.0 million to $3.0 million.
• Improved liquidity and strengthened balance sheet.

Negative

• None.

Buyback Program Results to Date

WASHINGTON DC and HENDERSON, NV / ACCESSWIRE / September 14, 2021 / Quantum Energy Inc. (OTC PINK:QEGY) ("Quantum") is pleased to announce the progress of its $2.0 million Stock Buyback Program

The Company announced previously 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, 202, and was extended. As well, the Board increased the budgeted amount of the buyback not to exceed $3.0 million.

Harry Ewert, Chief Executive Officer, stated "Quantum continues to execute on its goals and substantially lower its historic shares in circulation. The Company continues to see significant success in the Buyback Program. The Company is strengthening its balance sheet and is poised for more growth."

The Company has reduced the shares in circulation from last reported 48,491,485 to 29,549,935 shares. A 39% decrease. 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 continues its steady growth, and the balance sheet of the Company as reported earlier continues to build strength through the success of its private placement, and order book.", stated Westbrook.

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/664090/Quantum-Energy-Inc-QEGY-Announces-Share-Buyback-Update-of-18941550-Shares

FAQ

What is the current status of Quantum Energy's (QEGY) stock buyback program?

Quantum Energy has successfully reduced shares in circulation by 39% and increased the buyback budget to $3.0 million.

How much has Quantum Energy (QEGY) spent on its stock buyback program?

The company has initiated a $2.0 million stock buyback program, now extended to a maximum of $3.0 million.

What are the expected impacts of the stock buyback on Quantum Energy's (QEGY) stock price?

The stock buyback program is intended to strengthen the balance sheet and potentially enhance shareholder value.