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Press release content from Accesswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Accesswire
Press release content from Accesswire. The AP news staff was not involved in its creation.

Quantum Energy Inc (QEGY) Announces Share Buyback of 10,832,550 Shares

August 26, 2021 GMT

Buyback Program Extension and Results

WASHINGTON, DC and HENDERSON, NV / ACCESSWIRE / August 26, 2021 / Quantum Energy Inc. (OTC PINK:QEGY) (“Quantum”) is pleased to announce the approval of an extension of its $2.0 million Stock Buyback Program

The Company announces that its Board of Directors has approved an extension of the Company’s $2.0 million stock repurchase or Stock Buyback (“Buyback”) program that began July 22, 2021. As well, the Board increased the budgeted amount of the buyback not to exceed $3.0 million.

Harry Ewert, Chief Executive Officer, stated “Quantum again has performed. The Company has seen significant success in the Buyback Program. The Buyback Program is increasing shareholder value, and will set the stage for balance sheet growth through this calendar quarter and the final calendar quarter of this year.”

The Company has reduced its shares in circulation from 48,491,485 to 37,658,935. The share repurchase program is incremental in nature, during the term, and offers, or market purchases shall be approved by the Company CFO.

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William Westbrook, CFO has also confirmed that the Company has continued the share repurchase, and that the repurchase will be paid primarily from cash on hand or from settlements. “The company’s liquidity is still steadily growing, and the balance sheet of the Company continues to build strength through the success of its private placement, order book, and raw material testing and conversion.”, stated Westbrook.

Mr. Ewert and Mr. Westbrook will have more information on their strategies in an investor broadcast to be announced on August 31, 2021 at 10AM Pacific Daylight Savings Time and can be found at the Company website, www.qegy.energy.

Quantum Energy Inc. (QEGY) www.qegy.energy

About Quantum Energy Inc.

Quantum is an energy focused company with a project emphasis on rare earth refining, and property development in the United States and Canada. This includes the refining, processing and value-added manufacturing of rare earth elements, and other raw materials for the production of magnetic and associated energy related products.

Safe Harbor Forward-Looking Statements

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To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company’s development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.

For Company Contact:

D M Danzik

Investor Relations

Washington, DC

202-750-3822

danzik@qegy.energy

SOURCE: Quantum Energy Inc.

View source version on accesswire.com:

https://www.accesswire.com/661548/Quantum-Energy-Inc-QEGY-Announces-Share-Buyback-of-10832550-Shares