TAMPA, Fla., Dec. 06, 2017 (GLOBE NEWSWIRE) -- Umbra Applied Technologies Group (OTC:UATG)
UAT Group announced today that it has amended previous projections to reflect the new impeding tax laws. UAT Group has reported significant growth of its subsidiary UAT indicating to its investors, analysts and media that revenues are increasing. For its upcoming, fiscal-first quarter of 2018, based on the pending tax law changes, UAT is providing unprecedented revenue guidance of an increase between $250,000.00 and $450,000.00 in revenue.
Chief Executive Officer, Alex Umbra stated, "With the current administrations focus on tax reform and the resurgence of manufacturing in this country over the past 10 months, we are very optimistic about further expansion and our ability to hire much needed talent".
The Business Roundtable CEO Economic Outlook Index, a composite of the country's CEO projections for sales, capital spending and hiring over the next six months, increased to 94.5 in Q3 2017, the highest level since Q2 2014, and up from 93.9 in May.
The CEO index remains above 50, exceeding its historical average of 80.3, suggesting chief executives remain confident in the U.S. economy. Plans for hiring jumped 9.9 points to 80.2 in Q3, reflecting continued confidence by the nations CEO's.
Umbra added, "The results of the survey, in my opinion, bespeak the continued confidence that CEOs have in our economy and the intended direction therein. It is imperative that we continue to push for pro-growth economic policies that create an environment conducive to further hiring and increased wage growth across all economic and demographic levels".
Executives from major companies including Coca-Cola, Cisco Systems, Honeywell and Pfizer, have stated that they would also consider using potential tax cuts to increase stock dividends or to buy back shares resulting in additional value being passed to shareholders.
Chief Financial Officer, Thomas L. Crom commented, "I think this new approach to economic growth can only serve as an accelerator for UATG's long term growth. This will help fuel expansion and revenue streams".
About Umbra Applied Technologies, Inc.
Umbra Applied Technologies is a member of the Umbra Applied Technologies Group (OTC:UATG) family of companies. Headquartered in Tampa, Florida UAT Group is a technology and innovation leader specializing in defense, civil government and technology solutions. UAT Group is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services for defense, civil, and commercial applications in United States and internationally. It also provides management, engineering, technical, scientific, logistic, and information services
For more information visit www.uatgroup.com or www.umbraappliedtechnologies.com.
Investor and Media Contact: Everest Corporate Advisors, Inc.
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This news release may include "forward-looking statements" including forecasts, estimates, expectations, and objectives for future operations including but not limited to its ability to conclude a business combination with a third party, sale of assets, return of capital or initial public offering and a secondary listing on the OTC as a result of aforementioned and its ability to fund the exploration of its assets through the raising of equity or debt capital or through funding by a joint venture partner that are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of Umbra Applied Technologies including but not limited to capital markets and securities risks and continued development success on technology. There can be and are no actual or implied guarantees that any of the above activities will be completed or completed on terms acceptable to the Company and its shareholders or approved by any regulatory authority having jurisdiction. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Risks and uncertainties about Umbra Applied Technologies business are more fully discussed in the company's disclosure materials, including its MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Umbra Applied Technologies does not assume the obligation to update any forward-looking statement, except as required by applicable law.
Source: Umbra Applied Technologies Group, Inc.