Umbra Applied Technologies Group, Inc. (OTCPK:UATG) announces a share repurchase program. Under the program, the company will repurchase up to $2 million worth of its common stock. Share repurchases will be made periodically through open market transactions at prevailing market prices, or in privately negotiated transactions.

The company believes that the new program will help offset future employee equity grants and employee stock purchase programs and will continue to improve its cash position to maintain operations. The program demonstrates the company's commitment to increase shareholder value. The repurchase of any shares under the stock repurchase program will be subject to restrictions under insider trading laws and the company's self-imposed blackout periods.

All or part of the repurchases may be implemented under a Rule 10b5-1 trading plan, which would allow repurchases under pre-set terms at times when the company. The company will make the repurchases over the next 24 months.