ALPHA PRO TECH, LTD. ANNOUNCES $5 MILLION EXPANSION OF SHARE REPURCHASE PROGRAM
September 22 2020 - 8:00AM
Alpha Pro Tech, Ltd. (NYSE American: APT), a leading manufacturer
of products designed to protect people, products and environments,
including disposable protective apparel and building products,
today announced that its Board of Directors has authorized a $5.0
million expansion of the Company’s existing share repurchase
program.
With this authorized expansion, the Company now
has approximately $7.0 million available to repurchase shares of
the Company’s common stock, $2.0 million of which remains from the
previous expansion, most recently announced in December 2019.
Lloyd Hoffman, President and Chief Executive
Officer of Alpha Pro Tech, commented, “Our record revenue growth
and cash flow generation through the first six months of 2020, in
conjunction with the expectation of strong operating results for
the remainder of this year based on continued high demand for our
products driven largely by the COVID-19 pandemic, facilitated this
decision by our Board of Directors. We believe that
re-activating and expanding our share repurchase program at this
time will deliver value to our shareholders.”
Management anticipates repurchasing shares
through open market purchases or through privately-negotiated
transactions and intends to retire all shares purchased through the
share repurchase program. Open market purchases may be
executed by the Company’s broker through a pre-arranged repurchase
plan, which operates in accordance with the guidelines specified
under Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of
1934, as amended. Any transactions under the repurchase plan
will be effected in accordance with the terms of the plan,
including specified price, volume and timing conditions, and will
be applied against the amount authorized for the Company’s share
repurchase program. Other open market and
privately-negotiated purchases may occur from time to time outside
the repurchase plan based on market and general business
conditions, subject to applicable rules and regulations.
About Alpha Pro Tech, Ltd.
Alpha Pro Tech, Ltd. is the parent company of
Alpha Pro Tech, Inc. and Alpha ProTech Engineered Products, Inc.
Alpha Pro Tech, Inc. develops, manufactures and markets innovative
disposable and limited-use protective apparel products for the
industrial, clean room, medical and dental markets. Alpha ProTech
Engineered Products, Inc. manufactures and markets a line of
construction weatherization products, including building wrap and
roof underlayment. The Company has manufacturing facilities in Salt
Lake City, Utah; Nogales, Arizona; Valdosta, Georgia; and a joint
venture in India. For more information and copies of all news
releases and financials, visit Alpha Pro Tech's Website at
http://www.alphaprotech.com.
Certain statements made in this press release
constitute “forward-looking statements” within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include any statement that
may predict, forecast, indicate or imply future results,
performance or achievements instead of historical facts and may be
identified generally by the use of forward-looking terminology and
words such as “expects,” “anticipates,” “estimates,” “believes,”
“predicts,” “intends,” “plans,” “potentially,” “may,” “continue,”
“should,” “will” and words of similar meaning. Without limiting the
generality of the preceding statement, all statements in this press
release relating to estimated and projected
earnings, expectations regarding order volume, timing of
fulfillment of orders, production capacity and our plans to
ramp up production and expand capacity, product
demand, availability of raw materials and supply chain access,
margins, costs, expenditures, cash flows, sources of capital,
growth rates and future financial and operating results are
forward-looking statements. We caution investors that any such
forward-looking statements are only estimates based on current
information and involve risks and uncertainties that may cause
actual results to differ materially from the results contained in
the forward-looking statements. We cannot give assurances that any
such statements will prove to be correct. Factors that could cause
actual results to differ materially from those estimated by us
include the risks, uncertainties and assumptions described from
time to time in our public releases and reports filed with the
Securities and Exchange Commission, including, but not limited to,
our most recent Annual Report on Form 10-K and Quarterly Report on
Form 10-Q. Specifically, these factors include, but are not
limited to, changes in global economic conditions; the effects of
the COVID-19 pandemic on our business and operations, the business
and operations of those within our supply chain and global economic
conditions generally; changes in order volume by our customers; the
inability of our suppliers and contractors to meet our
requirements; potential challenges related to international
manufacturing; our partnership with a joint venture partner; the
inability to protect our intellectual property; competition in our
industry; customer preferences; the timing and market acceptance of
new product offerings; security breaches or disruptions to the
information technology infrastructure; the impact of legal and
regulatory proceedings or compliance challenges; and volatility in
our common stock price and our investments. We also caution
investors that the forward-looking information described herein
represents our outlook only as of this date, and we undertake no
obligation to update or revise any forward-looking statements to
reflect events or developments after the date of this press
release. Given these uncertainties, investors should not place
undue reliance on forward-looking statements as a prediction of
actual results.
Company Contact:
Alpha Pro Tech, Ltd.
Donna Millar
905-479-0654
e-mail: ir@alphaprotech.com
Investor Relations Contact:
Hayden IR
Cameron Donahue
651-653-1854
e-mail: cameron@haydenir.com
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