Torch Technologies Completes Four of Five Stock Buybacks. Over 70% Employee Ownership Achieved.

 

Huntsville, Alabama, June 24, 2009:

 

Huntsville-based Torch Technologies announced today the completion of another major step forward in realizing its cornerstone commitment to its employees and customers of becoming one hundred percent employee owned. Torch Technologies, a premier provider of superior scientific and engineering services completed the repurchase of 970,787 shares of stock. This represents the fourth of five installments in a buy-sell agreement with Eastside Partners. This stock will be returned to treasury for future distribution in our Employee Stock Ownership Program.

In addition, Torch completed the purchase of another 835,000 shares from other outside investors.

"These purchases help enable Torch to fulfill our commitment to employee ownership. Torch recently made our annual contribution to the account of each qualified employee via our Employee Stock Ownership Program. We are realizing our goal to reward the people who make us successful by placing the ownership of the company in their hands. We continue to believe that pride in ownership results in a firm commitment to excellence from our employee-owners," says William Roark, Co-Founder and CEO of Torch Technologies.

This year's ESOP contribution was 800,000 shares bringing employee ownership to well over seventy percent.

 

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