Safe Pro Group Inc. (NASDAQ:SPAI) ("Safe Pro" or the "Company"), a developer of AI-enabled defense and security solutions, today announced that its Board of Directors has authorized a share repurchase program of up to $3.0 million of the Company's outstanding common stock over the next year.
The authorization underscores the Board's confidence in Safe Pro's strategy, technology leadership, and long-term growth opportunities, as well as the Company's focus on disciplined capital allocation.
"This authorization reflects our confidence in Safe Pro's long-term growth trajectory and the intrinsic value of our business," said Dan Erdberg, Chairman and Chief Executive Officer of Safe Pro Group. "We remain focused on executing our strategy, supporting our customers, and investing in our AI technology platform, while also returning capital to shareholders when we believe it is prudent to do so."
Under the program, Safe Pro may repurchase shares from time to time based on market conditions, share price, corporate and regulatory considerations, and other factors, subject to compliance with applicable securities laws and regulations. Repurchases may be executed through open-market purchases, privately negotiated transactions, transactions structured through investment banking institutions, or other permitted methods.
The share repurchase program is expected to be funded from the Company's existing cash and cash equivalents and/or future cash flows, while maintaining the financial flexibility to pursue organic growth initiatives and strategic opportunities. The authorization does not obligate the Company to repurchase any specific number of shares and may be modified, suspended, or discontinued at any time.
For more information about Safe Pro Group, its subsidiaries, and technologies, please visit https://safeprogroup.com and connect with us on LinkedIn, Facebook, and X.
About Safe Pro Group Inc.
Safe Pro Group Inc. (NASDAQ:SPAI) is a mission-driven technology company delivering AI-enabled security and defense solutions. Through cutting-edge platforms like SPOTD, Safe Pro provides advanced situational awareness tools for defense, humanitarian, and homeland security applications globally. It is a leading provider of artificial intelligence (AI) solutions specializing in drone imagery processing, leveraging commercially available "off-the-shelf" drones with its proprietary machine learning and computer vision technology to enable rapid identification of explosives threats, providing a much safer and more efficient alternative to traditional human-based analysis methods. Built on a cloud-based ecosystem and powered by Amazon Web Services (AWS), Safe Pro Group's scalable platform is targeting multiple markets that include commercial, government, law enforcement and humanitarian sectors where its Safe Pro AI software, Safe-Pro USA protective gear and Airborne Response drone-based services can work in synergy to deliver safety and operational efficiency. For more information on Safe Pro Group Inc., please visit https://safeprogroup.com/.
Forward-Looking Statements
Some of the statements in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. The forward-looking statements in this press release include, among others, statements regarding whether the total amount authorized by the Board of Directors will be used to repurchase shares, the timing and amount of any repurchases, the Company's future financial position and ability to fund repurchases, the Company's business strategy and growth opportunities, and the expected benefits of the repurchase program. Although Safe Pro Group believes the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Safe Pro Group has attempted to identify forward-looking statements by terminology including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including market and other conditions. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth under Item 1A in the Company's most recently filed Form 10-K and updated from time to time in the Company's other filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained from the SEC's website at www.sec.gov. Any forward-looking statements contained in this press release speak only as of its date. Safe Pro Group undertakes no obligation to update any forward-looking statements contained in this press release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events, except as required by law.
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