Northern Technologies (NTIC) Announces $3M Buyback Plan

Northern Technologies (NASDAQ: NTIC) announced that its Board of Directors has authorized a stock repurchase program that permits the repurchase of up to $3.0 million of the Company's outstanding common stock.

"This repurchase program demonstrates our commitment to growing stockholder value as well as our confidence in our outlook for all of our business units and particularly in China, despite anticipated volatility on our operating results during the next few quarters, particularly second quarter, as a result of the termination of our former joint venture in China and decision to sell direct in China," said G. Patrick Lynch, President and Chief Executive Officer of NTIC.

Repurchases may be made in the open market or in privately negotiated transactions, whatever deemed appropriate by management. The timing and actual number of shares repurchased will depend on a variety of factors including price, legal requirements, contractual obligations and market conditions. The repurchase program has no expiration date. The repurchase program does not obligate NTIC to acquire any specific number of shares and may be suspended or terminated at any time.

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