|AgJunction Repurchases 7.9 Million Common Shares|
HIAWATHA, KS, June 27, 2017 /PRNewswire/ - AgJunction Inc. ( AJX.TO) ("AgJunction" or the "Company"), a leader in automated steering and machine control technology for precision agriculture, has repurchased and returned to treasury for cancellation 7,852,989 of its common shares under an arm's length private transaction for $1,766,923.
Following the repurchase, AgJunction has approximately 116.5 million shares outstanding and $19.0 million in cash.
"We saw an opportunity to acquire a large block of stock at a substantial discount to the market price from a shareholder that, due to certain structural issues, was more time sensitive than price sensitive," said Dave Vaughn, CEO of AgJunction. "Given the prospects of our business, we feel confident this will prove to be an intelligent, accretive allocation of capital for our shareholders."