SAN LEANDRO, Calif., May 24, 2016 /PRNewswire/ -- Energy Recovery Inc. (NASDAQ: ERII) announced today that its Board of Directors approved a share repurchase program that authorizes the company to purchase up to $10 million of the company's outstanding common stock.
Energy Recovery's President and CEO Joel Gay commented, "We continue to advance the commercialization of our technologies through the development of new applications in new industries. Recent achievements, including the licensing of our VorTeq™ technology and letter of award for IsoBoost®, demonstrate the success of this strategy. The Board's authorization to purchase shares is driven by these successes and confidence in the company's 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 $1.7 billion (USD) annually. Headquartered in the Bay Area, Energy Recovery has offices in Ireland, Shanghai, and Dubai. For more information about the Company, please visit our website at www.energyrecovery.com.
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 for commercialization of technologies through the development of new applications and in new industries and for our long term strategy generally. 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 3, 2016 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.
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SOURCE Energy Recovery Inc.