Umbra Applied Technologies, UAT (PINX: UATG), is a United States-based technology, defense, and security company. The company has produced in an array of innovative technological devices from wind turbines, to rifle and even digital implants. Over the past few months, the company has worked diligently to prepare their new sniper rife, the PRP-30, for its release. The company believes the Precision Rifle Platform-30 is the most versatile precision weapon on the market. Over the next few months, the company intends to rigorously field test the weapon to ensure its reliability and performance.
The PRP-30 is capable of being utilized as a long-range sniper or, as well as a high-powered battle rifle. It features an innovative bipod system, which works silently. The rifle has a 2.5 pound trigger pull and is touted as having the shortest reset duration in the industry. The company expects the rifle to be released sometime during the second quarter of 2017. Additional information regarding the PRP-30 can be found at the company’s website here.
On June the 7th of 2016, UAT announced that their application process to seek governmental approval to begin manufacturing and selling their UBR-16 rifle was underway. The company also declared they were in the process of completing their new office within Tampa, Florida and had started accepting applications for new staffing. Once the facility is fully staffed, the company will begin looking for a facility, which can be utilized for the development and production of their weapons program. While awaiting for ATF approval, the company also intends to seek exportation approval from the State Department.
In March of this year, UAT accounted their decision to move their corporate headquarters from New Jersey to Tampa, Florida and executed a 5-year in the process. In January of this year, Umbra Applied Technologies Group announced the approval of their stock buyback program. The company intends to repurchase up to 2 million dollars of their common stock over a period of 24 months. The transactions will be carried out periodically at prevailing market prices or through negotiated transactions privately. In February, the company retained Fruci & Associates for their auditing services.
The CPA firm will fulfill the company’s 2-year audit requirement, while also consulting with legal counsel. The company believes the move will be advantageous for their ongoing purpose to acquire a NASDAQ listing. In August of 2015, UAT Arms released their projected arms sales related to the release of the UBR-16. According to the company’s predictions, they’ll be able to see 1,000 riles within the first 6 months of the rifle’s releases. They expect to sell 2,500 units to foreign and domestic governments within the first year. They also announced their intention for releasing a civilian version of the rifle within the United States.
During the day’s trading on June 8, 2016, UATG climbed 16.67% to settle at .0105. The company’s stock previously closed at $.009. Over the course of the last year, the company’s stock has ranged from a low of $.01 to a high of $.92 on October the 8th of 2015. At the end of last year, the company had around eight thousand dollars in cash and $219,000 in current assets. The company generated an income of $315,500 and a net loss of $1,114,740.
Will the company’s firearms be able to save them from their current dilemma and push them to positive revenues?