Singapore, September 6, 2023 (NewMediaWire). JE Cleantech Holdings Limited (NASDAQ: JCSE) announced today that its Board of Directors has authorized a stock repurchase program of up to $1,000,000 of the Company’s outstanding Ordinary Shares, par value $0.001 per share. This program will commence immediately.
“This new stock repurchase program reflects the Board’s and management’s confidence in our improving operating results, future growth prospects, and business strategy to continue to create long-term value for our shareholders,” commented Elise Hong, Chairperson and Chief Executive Officer.
The Board’s authorization permits JCSE to repurchase shares from time to time in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in compliance with Rule 10b-18 under the Securities Exchange Act of 1934. The actual timing, number, and value of shares repurchased by JCSE under the program will be determined by management at its sole discretion. Repurchases will depend on a number of factors, including the market price of JCSE’s shares, general market and economic conditions, applicable legal requirements, and other cash needs. The repurchase program may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other appropriate factors.
About JE Cleantech Holdings Limited
JE Cleantech Holdings Limited is based in Singapore and is principally engaged in (i) the sale of cleaning systems and other equipment; and (ii) the provision of centralized dishwashing and ancillary services. Through its subsidiary, JCS-Echigo Pte Ltd, the Company designs, develops, manufactures, and sells cleaning systems for various industrial end-use applications, primarily to customers in Singapore and Malaysia. Its cleaning systems are mainly designed for precision cleaning, with features such as particle filtration, ultrasonic or megasonic rinses with a wide range of frequencies, high-pressure drying technology, high flow rate spray, and deionized water rinses, which are designed for effective removal of contaminants and to minimize particle generation and entrapment. The Company also has provided centralized dishwashing services through its subsidiary, Hygieia Warewashing Pte Ltd, since 2013 and general cleaning services since 2015, both mainly for food and beverage establishments in Singapore. For more information about JE Cleantech, please visit our website: www.jecleantech.sg.
Disclaimer: Forward looking statements
Certain statements contained in this press release may be deemed to be forward-looking statements under federal securities laws, and the Company intends that such forward-looking statements be subject to the safe harbor created thereby. All statements, other than statements of fact included in this release, are forward-looking statements. Such forward-looking statements include, among others, that JCSE will repurchase shares from time to time, with the details determined by JCSE’s management depending on market price, economic conditions, legal requirements, and cash needs. We caution that these statements are qualified by important risks, uncertainties, and other factors. Such factors include, among others the risk factors set forth in our Annual Report on Form 20-F for the year ended December 31, 2022. Except to the extent required by federal securities laws, the Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
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