LONDON, Oct. 18 /PRNewswire/ -- Emission & Power Solutions, Plc ("EPS") (Ticker: EPI.F, Bloomberg ticker: EPI:GR), announced its senior management will begin a plan to purchase up to five million shares in the aggregate of the company's common stock. Depending on market conditions, shares may be purchased from time to time at prevailing market prices through open market or privately negotiated transactions.
"This share buyback program reflects management's continued confidence in EPS's strategy and growth prospects as well as an ongoing commitment to increase stockholder value," said Erik Ulsteen, Chairman and CEO of EPS. "We believe that the current market value of our shares does not accurately reflect the underlying value of the company. With EPS common shares becoming unrestricted this month, we believe the buyback program will benefit stockholders in the near term."
The company is not obligated to purchase any shares. Subject to applicable corporate securities laws, purchases may be made at such times and in such amounts as the company's management deems appropriate. Purchases under the program can be discontinued at any time management feels additional purchases are not warranted. The company will not provide any financing to management for the buyback program.
EPS is a "clean tech" company that licenses, acquires, develops, deploys, and transfers technologies dedicated to improving fuel economy while also reducing environmentally harmful exhaust emissions. EPS is a publicly listed company that trades on the Frankfurt Exchange and the Xetra platform under symbol EPI.
This news release may contain "forward-looking statements" about the business, financial performance and prospects of the Company. Statements about the Company's or management's plans, intentions, expectations, beliefs, estimates, predictions, or similar expressions for the future, including any statements regarding the payment of any dividend or capital reduction or the timing and amount of such payment, are forward-looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors, including risks and uncertainties, is set forth from time to time in the Company's filings.
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SOURCE Emission & Power Solutions, Plc