Today before the opening bell,
ENGlobal announced that its Board of Directors has authorized the repurchase of
up to $2 million of the company’s common stock. Stock buybacks reduce the
number of outstanding shares thereby increasing the value of the stock remaining
with investors.
The company stated that shares
may be repurchased through open market or privately negotiated transactions,
based on prevailing market conditions. The buyback program will be executed
with internally generated corporate funds and the shares acquired will be
retired and returned to the status of authorized but unissued.
For those unfamiliar with the
company, ENGlobal is a top-ranked provider of energy-related automation and
engineering services. In its 29 years of operations, the company has created a
global workforce of more than 400 industry leaders in a variety of fields,
ranging from drafters and designers to technical specialists.
For more information on the
company, visit www.englobal.com
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