SofTech, Inc. closed an Equity Buyback in the amount of $0.06 mm
June 13, 2013 at 12:00 am EDT
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The Board of Directors of SofTech Inc authorized a share repurchase program on May 20, 2013. Under the program, the company entered into an agreement with Greenleaf Capital, Inc., The Ronda E. Stryker and William D. Johnston Foundation, and The L. Lee Stryker 1974 Irrevocable Trust fbo Ronda E. Stryker. Pursuant to the terms of the Stock Purchase Agreement, the company will purchase 235,000 of the aggregate 271,411 shares of common stock, par value $0.10 per share of the company currently collectively owned by the sellers for a purchase price of $0.37 per share for an aggregate purchase price of $0.09 million. The parties expect the share purchase to close on May 31, 2013. The sellers beneficially own approximately 26% of the company's common stock outstanding as of May 10, 2013.
On June 13, 2013, the company announced that it entered into Amendment No.1 to the stock purchase agreement with the sellers, whereby the parties agreed to reduce the number of shares to be purchased from 235,000 to 170,000 shares, for an aggregate purchase price of $62,900.
SofTech Inc. completed its share repurchase program on June 13, 2013.
SofTech, Inc. is engaged in the development, marketing, distribution and support of computer software solutions that enable companies to manage the lifecycle of their products from conception through design and manufacture, to service and disposal. The Company's service offerings include consulting, training and discrete engineering services. These solutions include software technology offerings for computer aided design (CAD), and product data management (PDM) and collaboration technologies. In addition, the Company offers a technology platform that allows data exchange between various third party technology offerings known as the Company's connector offering. The Company's products include ProductCenter, Connector Platform, HomeView and CADRA. The Company operates in the United States and Europe and has sales and customer support offices in the United States and Italy. The Company also operates through re-sellers in North America, Europe and Asia.
SOFTECH, INC. 
