SAN LEANDRO, Calif.,
March 30, 2017 /PRNewswire/ -- Energy
Recovery, Inc. (NASDAQ:ERII), the leader in pressure energy
technology for industrial fluid flows, today announced that its
Board of Directors approved a share repurchase program that
authorizes the company to purchase up to $15
million of the company's outstanding common stock.
Energy Recovery's President and CEO Joel
Gay stated, "In 2016, the Company returned to both a
profitable and operating cash flow generating regime, this the
direct result of the strategic and operational overhaul initiated
two years past. Through said strategic and operational
turnaround, we fortified our balance sheet via the first phase of
monetizing the VorTeq technology and hence, we find ourselves in
the opportunistic position of being able to support the share price
and ultimately harvest returns for our shareholders through the
repurchasing of common stock. Importantly, we are able to do
so without trading share price support for growth arising from the
continued and aggressive funding of our vibrant product development
road map and technology pipeline. In this, we are pleased to
announce a new share repurchase program while looking ahead toward
further execution across all dimensions of our long term
strategy."
Under the newly authorized repurchase program, purchases of
shares of common stock may be made from time to time in the open
market, or in privately negotiated transactions, in compliance with
applicable state and federal securities laws. The timing and
amounts of any purchases will be based on market conditions and
other factors including price, regulatory requirements, and capital
availability. The share buyback program does not obligate the
Company to acquire any specific number of shares in any period, and
may be expanded, extended, modified or discontinued at any time
without prior notice.
Payment for shares repurchased under the program will be funded
using the Company's cash on hand.
About Energy Recovery
Energy Recovery (NASDAQ:ERII)
recycles and converts wasted pressure energy into a usable asset
and preserves pumps that are subject to hostile processing
environments. With award winning technology, Energy Recovery
simplifies complex industrial systems while improving productivity,
profitability, and efficiency within the oil & gas, chemical
processing, and water industries. Energy Recovery products
save clients more than $1.8 billion
(USD) annually. Headquartered in the Bay Area, Energy
Recovery has offices in Houston,
Ireland, Shanghai, and Dubai. Learn more at
www.energyrecovery.com.
Forward-Looking Statements
Certain matters discussed
in this press release are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
including our expectations that our long term strategy will create
value. These forward-looking statements are based on information
currently available to us and on management's beliefs, assumptions,
estimates, or projections and are not guarantees of future events
or results. Potential risks and uncertainties include our ability
to achieve the milestones under the licensing agreement with a
subsidiary of Schlumberger Limited and the risks discussed under
"Risk Factors" in our Form 10-K filed with the U.S. Securities and
Exchange Commission ("SEC") on March 8,
2017 as well as other reports filed by us with the SEC from
time to time. Because such forward-looking statements involve risks
and uncertainties, our actual results may differ materially from
the predictions in these forward-looking statements. All
forward-looking statements are made as of today, and we assume no
obligation to update such statements, whether as a result of new
information, future events, or otherwise.
Contact
Brian Uhlmer
buhlmer@energyrecovery.com
(713) 858-2284
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SOURCE Energy Recovery Inc.