Program to drive long-term shareholder value
as market undervalues company's potential
IRVINE,
Calif., May 17, 2023 /PRNewswire/
-- Interlink Electronics, Inc. (NASDAQ: LINK), a
world-leading trusted technology partner in the rapidly advancing
world of human-machine interface (HMI) devices, sensors, membrane
keypads and other cutting-edge technologies, today announced that
its board of directors has approved a program to buy back up to
100,000 shares of the Company's common stock. The program will
commence on May 17, 2023 and is
scheduled to terminate on May 15,
2024 or when the 100,000 share buyback limit is reached.
"We are committed to driving long-term value for our
shareholders and believe that the current strength of our balance
sheet presents a strategic opportunity for this buyback program,"
said Steven N. Bronson, Chairman,
President, and CEO of Interlink Electronics. "We believe the
potential of our businesses, including the opportunities for
expansion through acquisitions and organic growth as illustrated in
our latest earnings release, is not reflected in Interlink's
current market valuation. Accordingly, we are initiating this
buyback program as an attractive opportunity to deploy capital and
return value to our shareholders."
Under the share buyback program, buybacks may be made from
time-to-time in open market and negotiated purchases, effective
immediately through the next twelve months. These buybacks will be
made in compliance with the SEC's Rule 10b-18, subject to market conditions, available
liquidity, cash flow, applicable legal requirements, and other
factors. The specific prices, numbers of shares, and timing of
purchase transactions will be determined by the Company from time
to time in its sole discretion. This program does not
obligate the Company to acquire any particular amount of
common stock, and the program may be suspended or discontinued at
any time, including in the event the Company would be deemed to be
making an acquisition of its own shares under Rule 13e-3 of the
Securities Exchange Act of 1934, as amended.
The Company expects to finance the purchases with existing
cash balances, which is not expected to have a material impact on
capital levels.
Interlink currently has approximately 6.61 million shares issued
and outstanding.
About Interlink Electronics, Inc.
Interlink Electronics is a world-leading trusted technology
partner in the rapidly advancing world of human-machine interface
(HMI) devices, sensors, membrane keypads and other cutting-edge
technologies. In addition to standard product offerings, Interlink
utilizes its expertise in materials science, manufacturing,
firmware, and software to produce in-house system solutions for
custom applications. For 38 years, Interlink has led the printed
electronics industry to commercialize its patented Force Sensing
Resistor® technology. It has supplied some of the
world's top electronics manufacturers with intuitive sensor and
interface technologies. It also has a proven track record of
supplying technological solutions for mission-critical applications
in a diverse range of markets - including medical, automotive,
consumer electronics, telecommunications, and industrial control -
providing standard and custom-designed sensors that give engineers
the flexibility and functionality they seek in today's
sophisticated electronic devices.
Recent acquisitions have expanded the Company's portfolio of
products and services into new areas. SPEC Sensors and KWJ
Engineering, purchased in December
2022, offer industry-leading design and manufacture of
electrochemical gas-sensing technology for industry, community,
health and home, providing custom solutions, advanced sensors,
innovative products and unique services with uses in fields such as
carbon monoxide and ozone detection and air quality
monitoring. Calman Technology Limited, acquired in
March 2023, brings over 25 years of
experience in the design and manufacture of membrane keypads,
graphic overlays and label product, with customers in fields such
as medical devices and defense technologies and operations across
the UK and Europe.
Interlink serves an international customer base from our
corporate headquarters in Irvine,
California; our Global Product Development and Materials
Science Center and distribution and logistics center in
Camarillo, California; our
advanced printed-electronics manufacturing facilities in
Shenzhen, China, and Irvine, Scotland; and our proprietary production and
product development facility in Newark,
California.
For more information, please visit
www.InterlinkElectronics.com.
Forward Looking Statements
This release contains "forward-looking statements" within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be
generally identified by phrases such as "thinks," "anticipates,"
"believes," "estimates," "expects," "intends," "plans," and similar
words. Forward-looking statements are not guarantees of future
performance and are inherently subject to uncertainties and other
factors which could cause actual results to differ materially from
the forward-looking statement. These statements are based upon,
among other things, assumptions made by, and information currently
available to, management, including management's own knowledge and
assessment of the company's industry, R&D initiatives,
competition and capital requirements. Other factors and
uncertainties that could affect the company's forward-looking
statements include, among other things, the following: our success
in predicting new markets and the acceptance of our new products;
efficient management of our infrastructure; the pace of
technological developments and industry standards evolution and
their effect on our target product and market choices; the effect
of outsourcing technology development; changes in the ordering
patterns of our customers; a decrease in the quality and/or
reliability of our products; protection of our proprietary
intellectual property; competition by alternative sophisticated as
well as generic products; continued availability of raw materials
for our products at competitive prices; disruptions in our
manufacturing facilities; risks of international sales and
operations including fluctuations in exchange rates; compliance
with regulatory requirements applicable to our manufacturing
operations; and customer concentrations. Additional factors that
could cause actual results to differ materially from those
anticipated by our forward-looking statements are under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in our most
recent Annual Report (Form 10-K) or Quarterly Report (Form 10-Q)
filed with the Securities and Exchange Commission. Forward-looking
statements are made as of the date of this release, and we
expressly disclaim any obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
Interlink Electronics, Inc.
IR@iefsr.com
Steven N. Bronson, CEO
805-623-4184
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SOURCE INTERLINK ELECTRONICS