Torch Technologies Completes Final Eastside Stock Buyback. Over 75% Employee Ownership Achieved.

 

Huntsville, Alabama, July 6, 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 980,786 shares of stock. This represents the fifth and final installment in a buy-sell agreement with Eastside Partners. This stock will be returned to treasury for future distribution in our Employee Stock Ownership Program. " We are realizing our goal to reward the employees who make us successful by placing the ownership of the company in their hands." says William Roark, Co-Founder and CEO of Torch Technologies." This purchase brings employee ownership levels to well over seventy-five percent."

 

In conjunction with this purchase, Tina Corley has resigned from the Torch Technologies Board of Directors. Ms. Corley, with Eastside Partners, had served on the BOD with Torch Technologies since 2003. "We would like to thank Ms. Corley for her excellent support in the early formative years of Torch Technologies. Her guidance has been exceptional and contributed significantly to the success of Torch," says Mr. Roark.

 

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