Torch Technologies Completes 3rd of 5 Stock Buyback. Over 60% Employee Ownership Achieved.

 

Huntsville, Alabama, May 15, 2008:

 

Huntsville-based Torch Technologies announced today the completion of another major step forward in realizing its cornerstone commitment to its employees and customers to become an employee owned company. Torch Technologies, a premier provider of superior scientific and engineering services, has completed of the repurchase of 970,787 shares of Torch Technologies stock. This stock represents the 3rd of 5 installments in a buy-sell agreement with Eastside Partners. This stock will be returned to the treasury for future distribution in our Employee Stock Ownership Program.

 

This purchase is just one of the ways that Torch is fulfilling 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 is 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 contribution was 1,000,000 shares bringing employee ownership to well over 60%.

 

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