Profire Energy Announces $2 Million Share Buyback Program
22 Mayo 2024 - 4:10PM
Profire Energy, Inc. (NASDAQ: PFIE), a technology company (the
"Company") that provides solutions which enhance the efficiency,
safety, and reliability of industrial combustion appliances, today
announced the approval of a share buyback program by its Board of
Directors. Under this program, Profire Energy is authorized to
repurchase up to $2 million of the Company’s common stock between
now and June 30, 2025.
The Company’s Board of Directors authorized the repurchase
program as a means of opportunistically returning capital to
shareholders. Repurchases will be made at Management’s discretion
and at prices Management considers to be attractive and in the best
interests of both the Company and its shareholders, subject to the
availability of stock, general market conditions, the trading price
of the stock, alternative uses for capital, and the Company’s
financial performance. Additionally, the repurchases may also
be made under a Rule 10b5-1 plan, which would permit shares to be
repurchased when the company might otherwise be precluded from
doing so under insider trading laws. Open market purchases will be
conducted in accordance with applicable legal requirements.
Ryan Oviatt, Co-CEO and CFO of Profire Energy, stated, “Given
our strong financial position, ability to generate cash flow and
positive business outlook, we view this buyback program as a
strategic investment in our future and it further reflects our
commitment to generate long-term value for our shareholders.”
Cameron Tidball, Co-CEO of Profire Energy, added, “We remain
very optimistic about our future prospects. Our legacy business
continues to be robust, and we are making significant progress on
diversifying our revenue streams. This share buyback is in line
with our balanced approach to capital allocation planning which
includes focusing on accretive acquisitions as well as other
strategic growth initiatives.”
About Profire Energy, Inc.Profire Energy is a
technology company providing solutions that enhance the efficiency,
safety, and reliability of industrial combustion appliances while
mitigating potential environmental impacts related to the operation
of these devices. It is primarily focused in the upstream,
midstream, and downstream transmission segments of the oil and gas
industry. However, in recent years, we have completed many
installations of our burner-management solutions in other
industries that we believe will be applicable as we expand our
addressable market over time. Profire specializes in the
engineering and design of burner and combustion management systems
and solutions used on a variety of natural and forced draft
applications. Its products and services are sold primarily
throughout North America. It has an experienced team of sales and
service professionals that are strategically positioned across the
United States and Canada. Profire has offices in Lindon, Utah;
Victoria, Texas; Midland-Odessa, Texas; Homer, Pennsylvania;
Greeley, Colorado; Millersburg, Ohio; and Acheson, Alberta, Canada.
For additional information, visit www.profireenergy.com.
Cautionary Note Regarding Forward-Looking
Statements. Statements made in this release that are not
historical are forward-looking statements. This release contains
forward-looking statements, including, but not limited to
statements regarding the Company’s plans to repurchase shares and
providing long-term shareholder value. Forward-looking statements
are not guarantees of future results or performance and involve
risks, assumptions and uncertainties that could cause actual events
or results to differ materially from the events or results
described in, or anticipated by, the forward-looking statements.
Factors that could materially affect such forward-looking
statements include certain economic, business, public market and
regulatory risks and factors identified in the company's periodic
reports filed with the Securities and Exchange Commission. All
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
All forward-looking statements are made only as of the date of this
release and the Company assumes no obligation to update
forward-looking statements to reflect subsequent events or
circumstances, except as required by law. Readers should not place
undue reliance on these forward-looking statements.
Contact:Profire Energy,
Inc.Ryan Oviatt, Co-CEO & CFO(801) 796-5127
Three Part AdvisorsSteven Hooser, PartnerJohn
Beisler, Managing Director214-872-2710
Profire Energy (NASDAQ:PFIE)
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