eMagin Corporation (NYSE Amex: EMAN, the “Company”), the leader in the development, design and manufacture of Active Matrix OLED microdisplays for high resolution imaging products, announced today that its Board of Directors has approved a share repurchase program for up to $2.5 million of common stock, effective August 24, 2011.
"This share repurchase program demonstrates our confidence in the Company’s strategic plan and our commitment to maximize shareholder value," said Andrew Sculley, President and CEO. “Tactically, this is a tool that may allow us to take advantage of market volatility to grow future earnings per share. Strategically, we remain focused on executing our strategy of building the leading OLED microdisplay company with our expanded product portfolio. We believe that our ongoing improvements to our manufacturing facility will allow us to capitalize on current and future opportunities in multiple markets."
Under the share repurchase program, eMagin is authorized to repurchase up to $2.5 million of its common stock from time to time on the open market. The timing and amounts of any purchases will be based on share price, market conditions and other factors. No purchases can be made during blackout periods or when the Company is not current in its filings. The program does not require the Company to purchase any specific number of shares and may be suspended or discontinued at the Company’s discretion at any time without prior notice.
About eMagin CorporationA leader in OLED microdisplay technology and personal display systems, eMagin integrates high-resolution OLED microdisplays with magnifying optics to deliver virtual images comparable or superior to large-screen computer and television displays in portable, low-power, lightweight personal displays. eMagin microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs. The Company's own Z800 3DVisor provides 3D stereovision and headtracking for PC gaming, training and simulation, immersion therapy, and other applications. More information about eMagin is available at www.emagin.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation's expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
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