Profire Energy Provides Shareholder Ownership Update
May 12 2022 - 5:15PM
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 they have been informed by Harold Albert, a former
Executive and Co-Founder of Profire Energy, that he has sold all of
his remaining shares of the Company. Mr. Albert was a holder of
4,520,500 shares as of April 2021 based on the Company’s most
recent proxy filing. Profire’s other Co-Founder, Brenton Hatch,
continues to serve as the Company’s Chairman and Special Advisor
and remains as the largest shareholder with 19% of total
outstanding shares.
“During conversations with investors over the years, we have
occasionally received questions regarding Harold’s position and
potential exit strategy. Harold has not been involved in the
day-to-day operations of Profire since he retired more than 5 years
ago and stepped down from our Board in 2018,” said Brenton Hatch,
Chairman and Co-Founder of Profire Energy. “We believe the
liquidation of his holdings answers questions about Harold’s
ownership and may provide additional liquidity for Profire’s
shares.”
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, the Company has commenced identifying
applications and completed several installations in other
industries where their solutions can likely add value. 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; Homer, Pennsylvania; Millersburg, Ohio; and
Acheson, Alberta, Canada. For additional information, visit
www.profireenergy.com.
Contact:Profire Energy,
Inc.Ryan Oviatt, Co-CEO and CFO(801) 796-5127
Three Part AdvisorsSteven Hooser,
Partner214-872-2710
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