March 10, 2010 (FinancialWire) — API Technologies Corp. (OTCBB: ATNY) said that its board of directors has approved a program to repurchase, from time to time and subject to market conditions, up to 3.3 million shares of API’s outstanding common stock on the open market or in privately negotiated transactions over the next 12 months.

The company said it will fund the program with available cash on hand.

Pennsylvania-based API Technologies is a prime contractor in electronics, engineered systems, secure communications and electronic components and subsystems to the global defense and aerospace industry.

API Technologies’ customers include the governments of the U.S., Canada, the United Kingdom, NATO and the European Union, as well as many of the Fortune 500 companies.

The company is engaged in providing design, engineering and manufacturing solutions to its customers.

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