ColorMax OKs Buyback of Stock to Boost Price

ColorMax Technologies Inc.’s directors have authorized the Tustin company to purchase up to 200,000 shares of its common stock from time to time on the open market.

Directors took the action because they believe the stock is undervalued, the company said. The stock, which traded as high as $14 in February, closed Thursday at $1.63, up 12 cents a share, in over-the-counter trading.

The company makes lenses to treat colorblindness.