Sono-Tek Announces Share Buyback

Core Viewpoint - Sono-Tek Corporation has announced a share repurchase program of up to $2.0 million, reflecting its financial strength and confidence in long-term growth strategy [1][2]. Financial Position - As of August 31, 2024, Sono-Tek had approximately$11.6 million in cash, cash equivalents, and marketable securities, with no debt on its balance sheet [3]. - The company had approximately 15,751,000 shares of common stock outstanding as of the same date [3]. Repurchase Program Details - The repurchase program allows Sono-Tek to buy back shares through open market purchases or other means, with the timing and volume at the company's discretion [2]. - The program does not obligate the company to repurchase a specific number of shares and can be modified or discontinued at any time [2]. Business Overview - Sono-Tek is a leader in ultrasonic coating systems, serving various industries including microelectronics, alternative energy, and medical devices [4]. - The company is focusing on clean energy applications, showing transformative results in next-gen solar cells, fuel cells, and carbon capture [4]. Product and Market Strategy - The product line is evolving from R&D to high-volume production machines, indicating market leadership and adaptability [5]. - Sono-Tek's solutions are designed to be environmentally friendly and efficient, reducing overspray and saving raw materials, water, and energy [6]. Growth Strategy - The growth strategy emphasizes leveraging innovative technologies and global reach to enhance customer outcomes [7].