SAN LEANDRO, Calif., March 25, 2014, Energy Recovery Inc (NASDAQ: ERII), the leader in capturing reusable energy from industrial fluid flows and pressure cycles, today announced that its board of directors has authorized a stock repurchase program under which up to $6,000,000 of its outstanding common stock may be acquired in the open market through December 31, 2014 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 December 31, 2013, Energy Recovery had approximately 51.4 million shares outstanding.
"We have made significant investments in developing solutions for new markets, such as in oil & gas and other industries. Given the progress of our efforts and a strong balance sheet, 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.
About Energy Recovery Inc
Energy Recovery Inc (NASDAQ: ERII) technology harvests the power of pressure from high-pressure fluid flows and pressure cycles. Through collaboration with industry, Energy Recovery helps make industrial processes within water, oil & gas, and chemical industries more profitable and environmentally sustainable. With over 15,000 energy recovery devices installed worldwide, Energy Recovery sets the standard for engineering excellence, cost savings, and technical services to clients across the globe. Year after year, the company's clean technologies save clients over $1.4 Billion in energy costs. Headquartered in the San Francisco Bay Area, Energy Recovery has offices in Madrid, Shanghai, and Dubai. www.energyrecovery.com and blog.energyrecovery.com