DULUTH, Minn., June 06, 2017 (GLOBE NEWSWIRE) — IKONICS Corporation (NASDAQ:IKNX), a Duluth-based imaging technology company, announced today that its largest aerospace customer has notified the company that it will resume ordering in June now that its inventory is in line with production forecasts. Assuming no further disruptions, the company’s AMS division now expects a continuous stream of business in line with a long-term agreement with the customer that runs into 2021.
Two of IKONICS’ industrial inkjet DTXJet V printers were delivered in May at facilities in Europe where customers are now using them in regular production. These sales will have a positive effect on second quarter revenue.
“We anticipate strong and continuing orders of ink and patented substrates based on the sales of these printers,” IKONICS CEO Bill Ulland said.
“We also expect further sales of the new DTXJet V series printers,” he said. The DTX technology is used to put textures in steel molds for plastic injection molding used primarily in the automotive market.
The company also announced that it is resuming its previously announced share buy-back program. The company has a current board authorization to repurchase up to 250,000 shares of which a total of 206,640 shares have previously been repurchased. Shares may be repurchased in the open market or directly from shareholders who contact the company in privately negotiated transactions.
This press release contains forward-looking statements regarding sales, new business initiatives, and the terms, subject matter and potential benefits of an agreement that involve risks and uncertainties. Actual results could differ materially as a result of domestic and global economic conditions, downturns in the aerospace industry, failures in counterparty compliance, unexpected production delays, competitive market conditions, introduction of new products or technologies by competitors, as well as the factors described in the Company’s Forms 10-K, and 10-Q, and other reports on file with the SEC.
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CONTACT: News Contact: Bill Ulland Chairman, President & CEO (218) 628-2217