Torch Technologies Completes Final Eastside Stock Buyback; Over 75 Percent Employee-Ownership Achieved
Torch Technologies announced today the completion of another major step forward in realizing its cornerstone commitment to its employees and customers to becoming 100-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. The stock will be returned to the treasury for future distribution in its Employee Stock Ownership Program.
“We are realizing our goal of rewarding the employees who make us successful by placing the ownership of the company in their hands,” said 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 company’s board of directors. Corley, with Eastside Partners, had served on the board of Torch Technologies since 2003.
“We would like to thank Ms. Corley for her excellent support in the early formative years of Torch Technologies,” Roark said. “Her guidance has been exceptional and contributed significantly to the success of Torch.”