Company Website:
http://www.powersecure.com
WAKE FOREST, N.C. -- (Business Wire)
PowerSecure International, Inc. (Nasdaq: POWR) today announced that its
board of directors has authorized an extension of the company’s stock
repurchase program for an additional $5 million of the company’s common
stock through December 2014.
Repurchases of shares can be made from time to time in open market
purchases or in privately negotiated transactions. The timing and amount
of any shares repurchased will be determined in the discretion of the
company's management based on its evaluation of market conditions and
other factors. The stock repurchase program does not obligate the
company to repurchase any minimum number of shares.
The stock repurchase program may be suspended, discontinued, renewed or
extended at the discretion of the board of directors. Any repurchased
shares will be cancelled and restored to the status of authorized but
unissued shares, available for future issuance. The company expects to
fund the repurchase program using the company's cash on hand and working
capital.
In November 2011, the company’s board of directors authorized an initial
stock repurchase program of $5 million dollars for a period of up to 24
months. As of December 2012, the company had repurchased nearly all of
the initially authorized $5 million of common stock at an average price
of $5.64 per share.
About PowerSecure
PowerSecure International, Inc. is a leading provider of utility and
energy technologies to electric utilities, and their industrial,
institutional and commercial customers. PowerSecure provides products
and services in the areas of energy efficiency, interactive distributed
generation and utility infrastructure. The company is a pioneer in
developing Interactive Distributed Generation® (IDG®)
power systems with sophisticated smart grid capabilities, including the
ability to 1) forecast electricity demand and electronically deploy the
systems to deliver more efficient, and environmentally friendly power at
peak power times, 2) provide utilities with dedicated electric power
generation capacity to utilize for demand response purposes and 3)
provide customers with the most dependable standby power in the
industry. Its proprietary distributed generation system designs utilize
a range of technologies to deliver power, including renewables. The
company’s energy efficiency business develops energy efficient lighting
technologies that improve the quality of light, including its
proprietary EfficientLights® LED lighting products for
grocery, drug and convenience stores, and its SecureLite and PowerLite
street lights for utilities and municipalities. PowerSecure also
provides electric utilities with transmission and distribution
infrastructure maintenance and construction services, and engineering
and regulatory consulting services. Additional information is available
at www.powersecure.com.
All forward-looking statements contained in this release are made
within the meaning of and pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are all statements other than statements of historical facts,
including but not limited to statements concerning the amount and timing
of the activities and events discussed in this press release; the
Company’s outlook, prospects and expectations for revenues, net income,
and E.P.S. results and growth generally; the anticipated results of the
Company’s products, services, and technologies; and all other statements
concerning the plans, intentions, expectations, projections, hopes,
beliefs, objectives, goals and strategies of management, including
statements about other future financial and non-financial items,
performance or events and about present and future products, services,
technologies and businesses; and statements of assumptions underlying
the foregoing. Forward-looking statements are not guarantees of future
performance or events and are subject to a number of known and unknown
risks, uncertainties and other factors that could cause actual results
to differ materially from those expressed, projected or implied by such
forward-looking statements. Important risks, uncertainties and other
factors include, but are not limited to, those risks, uncertainties and
other factors identified from time to time in the Company's most recent
Annual Report on Form 10-K, as well as in subsequent filings with the
Securities and Exchange Commission, including reports on Forms 10-Q and
8-K. Accordingly, there can be no assurance that the results expressed,
projected or implied by any forward-looking statements will be achieved,
and readers are cautioned not to place undue reliance on any
forward-looking statements. The forward-looking statements in this press
release speak only as of the date hereof and are based on the current
plans, goals, objectives, strategies, intentions, expectations and
assumptions of, and the information currently available to, management.
The Company assumes no duty or obligation to update or revise any
forward-looking statements for any reason, whether as the result of
changes in expectations, new information, future events, conditions or
circumstances or otherwise.
Contacts:
PowerSecure International, Inc.
John Bluth, 919-453-2103
Source: PowerSecure International, Inc.