urban-gro, Inc. Announces Increase to Its Stock Repurchase Program
urban-gro (Nasdaq: UGRO) announced an increase of $2 million to its stock repurchase program, expanding it to $7 million. This move aims to enhance shareholder value and reflects confidence in the company's financial health. CEO Bradley Nattrass highlighted the repurchase as a chance to buy shares at a discount relative to their intrinsic value. Stock repurchases will depend on various factors including market conditions, and the program may be discontinued at any time if necessary.
- Increase of stock repurchase program to $7 million, enhancing shareholder value.
- CEO expresses confidence in financial strength and free cash flow generation.
- Opportunity to buy shares at a significant discount to intrinsic value.
- No assurance on the number or dollar amount of shares to be repurchased.
- The program may discontinue at any time, creating uncertainty for investors.
LAFAYETTE, Colo., Jan. 18, 2022 (GLOBE NEWSWIRE) -- urban-gro, Inc. (Nasdaq: UGRO) (“urban-gro” or the “Company”), a fully integrated architectural, engineering and cultivation systems integration company focused on the indoor Controlled Environment Agriculture (“CEA”) market, today announced that its Board of Directors has authorized an increase of
Bradley Nattrass, Chairman and Chief Executive Officer, commented, “We are pleased to announce the extension of our share repurchase program that allows us to return value to our shareholders. This action underscores our confidence in the strength of our balance sheet, quality of our assets and our ongoing ability to generate free cash flow. At recent market price levels, we believe the repurchase program is an excellent opportunity to buy our common shares at a significant discount to their intrinsic value and presents an attractive investment.”
The timing and amount of stock repurchases under the program, if any, will be at the discretion of management, and will depend on a variety of factors, including price, available cash, general business and market conditions and other investment opportunities. Therefore, there can be no assurance as to the number or aggregate dollar amount of shares, if any, that will be repurchased under the program. The Company may discontinue the program at any time.
About urban-gro, Inc.
urban-gro, Inc.® (Nasdaq: UGRO) is a fully integrated architectural, engineering and cultivation systems integration company for commercial cannabis and food-focused Controlled Environment Agriculture (“CEA”) facilities. With experience in hundreds of CEA facilities spanning millions of square feet across the globe, we design, engineer and integrate complex environmental equipment systems into high-performance facilities. urban-gro’s gro-care® Managed Services Platform leverages the company's expertise to reduce downtime, provide continuity, and drive facility optimization. Operating as a crop-agnostic solutions provider in both food and cannabis CEA sectors, our crop-focused end-to-end approach provides a single point of accountability across all aspects of growing operations. Visit urban-gro.com to discover how we help cultivators gro plants and gro profits.
Investor Contacts:
Dan Droller - urban-gro, Inc.
EVP Corporate Development & Investor Relations
-or-
Jeff Sonnek – ICR, Inc.
720.730.8160
investors@urban-gro.com
Media Contact:
Stan Wagner
Managing Director
Maverick Public Relations
303.618.5080
stan@themaverickpr.com
FAQ
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