Energy Recovery Inc Board Authorizes Stock Repurchase Program of up to Five Million Shares Over the Next 12 Months
August 02 2011 - 8:00AM
Business Wire
Energy Recovery Inc (NASDAQ:ERII), a leader in the design and
development of energy recovery devices for desalination and other
industrial processes, today announced that its board of directors
has authorized a stock repurchase program under which up to
5,000,000 shares of its outstanding common stock may be acquired in
the open market over the next 12 months at the discretion of
management.
The shares may be purchased from time to time at prevailing
market prices, through open market or privately negotiated
transactions. The actual number of shares that ERI will repurchase
will depend on market conditions and other factors, and ERI may
discontinue purchases at any time should management determine that
additional purchases are not warranted. As of June 30, 2011, ERI
had approximately 52.6 million shares outstanding.
“Utilizing our strong balance sheet and unique liquidity
position, we believe that this stock repurchase program
appropriately complements our long-term strategy to enhance
shareholder value,” stated Thomas S. Rooney, chief executive
officer of Energy Recovery Inc. “ERI enjoys a net cash position of
about $50 million, and in the context of our current stock
valuation, this program represents an attractive investment
opportunity for the company, particularly when coupled with other
strategic investments pending evaluation.”
About Energy Recovery Inc
Energy Recovery Inc (NASDAQ:ERII) designs and develops energy
recovery devices that significantly reduce energy consumption in
desalination and other industrial processes. Energy Recovery’s
prominence in the desalination market includes notable technologies
such as the PX Pressure Exchanger™ (PX™) devices, the ERI™
TurboCharger hydraulic turbine energy recovery devices and the ERI™
AquaBold™ and ERI™ AquaSpire™ high pressure pumps. In total, Energy
Recovery has more than 12,000 devices installed, reducing the
carbon footprint of desalination by saving 1 GW of energy and
offsetting CO2 emissions by more than 5.2 million tons per year.
The company is headquartered in the San Francisco Bay Area with
offices in key centers worldwide, including Madrid, Shanghai, and
the United Arab Emirates. For more information about Energy
Recovery Inc, please visit www.energyrecovery.com.
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