Profire Energy Authorizes Share Buyback Program and Names CFO Ryan Oviatt to Board of Directors
November 05 2018 - 5:51PM
Profire Energy, Inc. (Nasdaq:PFIE), a technology company which
creates, installs and services burner and chemical management
solutions in the oil and gas industry, announced the appointment of
Ryan Oviatt to its Board of Directors, as well as the authorization
to repurchase of up to $2,000,000 worth of the Company’s common
stock during the upcoming 12-month period.
Stock Repurchase Program:
Repurchases will be made at Management’s
discretion 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. Open market
purchases will be conducted in accordance with applicable legal
requirements.
The repurchase program may be suspended,
terminated or modified at any time for any reason, including market
conditions, the cost of repurchasing shares, the availability of
alternative investment opportunities, liquidity, and other factors
deemed appropriate. These factors may also affect the timing and
amount of share repurchases. The repurchase program does not
obligate the Company to purchase any particular number of
shares.
Appointment of Ryan Oviatt
Ryan Oviatt has served as Profire Energy, Inc.’s CFO since
September, 2015. Prior to serving as the Company’s CFO, Mr. Oviatt
was in senior management positions at Rio Tinto. Mr. Oviatt
managed value-tracking and reporting, leading to enhanced cash flow
and reduced costs, while also serving on technical committees
relating to international tax, finance, and development of a
significant Rio Tinto international mining operation. He also
played a significant role in the Company’s compliance with
Sarbanes-Oxley 404 requirements, contributing to a successful
implementation of exceptional compliance worldwide.
Since joining Profire, Mr. Oviatt has implemented several
programs leading to Profire’s success, including enhanced budgeting
and planning, value-based internal reporting, and an effective
cost-management plan. Ryan received his Bachelor’s Degree in
Accounting from Westminster College, and Master’s Degree in
Accountancy from Brigham Young University. Ryan is a Certified
Public Accountant in Utah.
Brenton Hatch, the Company's Chairman and CEO,
commented, "Ryan has been a critical member of Profire’s management
team as he implemented programs that have a direct impact on the
Company’s success in recent years. Ryan’s insight and expertise
will be welcomed on the Board as we continue to plan for growth in
our near future."
About Profire Energy, Inc.
Profire Energy assists energy production
companies in the safe and efficient production and transportation
of oil and natural gas. As energy companies seek greater safety for
their employees, compliance with more stringent regulatory
standards, and enhanced margins with their energy production
processes, Profire Energy's burner management and chemical
injection systems are increasingly becoming part of their solution.
Profire Energy has offices in Lindon, Utah; Victoria, Texas; Homer,
Pennsylvania; Greeley, Colorado; and Edmonton, Alberta, Canada. For
additional information about Profire Energy,
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, Company's intent to
repurchase up to $2,000,000 worth of the Company’s common stock;
and the Company's ability to employ capital to generate meaningful
returns, and future Company growth. All such forward-looking
statements are subject to uncertainty and changes in circumstances.
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, CFO(801)
796-5127
Profire Energy (NASDAQ:PFIE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Profire Energy (NASDAQ:PFIE)
Historical Stock Chart
From Apr 2023 to Apr 2024