TAMPA, Fla., Feb. 13, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE--Umbra Applied Technologies Group (UATG:PK) announces today that it has relocated its corporate domicile from Delaware to Florida in support of its import/export execution strategy.
Chief Executive Officer, Alex Umbra stated, “In keeping with strategic imperatives we will re-domicile the subsidiary UAT from Delaware to Florida. This change will bolster and ameliorate our import/export apparatus so that we can continue to deliver superior products to our customers at the best possible price”.
The relocation of Umbra Applied Technologies to Florida comes on the heels of a recent change to the corporate structure of the parent company, indicating that the company intends to deliver on its stated intention to up-list to a premium market. When speaking with Chief Financial Officer Thomas Crom he emphasized, “Operating in an increasingly integrated world economy, UAT is positioning itself to better respond to both risk and opportunity while expanding on infrastructure that supports product delivery to the consumer”.
The company continues to expand its retail footprint with the recent addition of Amazon as a retail platform. In a recent interview Mr. Umbra stated,” In a volatile macroeconomic environment its important to remain disciplined so as to balance corporate expansion with top line growth. For example, in an M&A strategy, the returns on a spreadsheet may appear appealing but the allure of immediate capital must be tempered with an executable strategy that delivers both revenue and sustainable growth. Being mindful of a structure that focuses on delivering retained earnings rather than focusing on building an impressive operating income helps to create realized growth opportunities. Corporate governance that structures shareholder value into every decision is critical when strategically repositioning any company especially one that has had to overcome significant obstacles. The last thing you want to have happen is a critical mistake being made, that compromises investor confidence, moments before you pass the finish line. Patience is key”.
The company further indicated that it is currently reviewing multiple acquisition opportunities in furtherance of its previously stated corporate objectives to build on existing technologies and expand its stable of advanced technologies. Additionally, the company is screening multiple candidates to add to its team of highly trained professionals. The company continues to expand its sales and distribution channels and intends to hire an additional 15 employees by the end of the year.
About Umbra Applied Technologies, Inc.
Umbra Applied Technologies is a member of the Umbra Applied Technologies Group (OTC:UATG) family of companies. Headquartered in Tampa, Florida UAT Group is a technology and innovation leader specializing in defense, civil government and technology solutions. UAT Group is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services for defense, civil, and commercial applications in United States and internationally. It also provides management, engineering, technical, scientific, logistic, and information services
For more information visit www.uatgroup.com or www.umbraappliedtechnologies.com
Investor and Media Contact: Everest Corporate Advisors, Inc.
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This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and a secondary listing on the OTC as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of Umbra Applied Technologies including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Risks and uncertainties about Umbra Applied Technologies business are more fully discussed in the company's disclosure materials, including its MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Umbra Applied Technologies does not assume the obligation to update any forward-looking statement, except as required by applicable law.
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