PROFIRE ENERGY, INC. (NASDAQ:PFIE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement
into a Stock Redemption Agreement (the “Agreement”) with Hatch
Family Holdings Company, LLC, which is wholly owned by Brenton W.
Hatch, the Company’s Chairman and Chief Executive Officer. to
the Agreement, the Company repurchased 1,300,000 shares of its
Common Stock for an aggregate cash purchase price of $1,703,000.
The shares repurchased to the Agreement were not purchased as
part of the Company’s previously announced share repurchase
program, which coincidentally terminated on May 25, 2017. As
described in more detail below in Item 8.01, the Company’s board
of directors has extended until the end of May 2018 its
repurchase program for up to $2 million worth of its Common
Stock.
the purchase of shares from Mr. Hatch. A copy of the press
release is attached to this Current Report as Exhibit 99.1.
8-K, including Exhibit 99.1 attached hereto, shall not be
deemed “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), or
otherwise subject to the liabilities of that Section. The
information in Item 7.01 of this Current Report on Form 8-K
shall not be incorporated by reference into any registration
statement or other document filed to the Securities Act or the
Exchange Act except as shall be expressly set forth by specific
reference in such filing.
directors had authorized the continuation of its share
repurchase program allowing the Company to repurchase up to
$2,000,000 worth of its Common Stock from time to time through
May 31, 2018. Any purchases under the program will be made at
the discretion of management. The size and timing of any
purchases will depend on price, market and business conditions
and other factors.
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Item 9.01. Financial Statements and Exhibits
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Exhibit Number
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Description
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99.1
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Press Release dated May 26, 2017 Announcing the Purchase of
$1,703,000 Worth of Stock from CEO, Brenton Hatch, and Extension of Stock Repurchase Program |
About PROFIRE ENERGY, INC. (NASDAQ:PFIE)
Profire Energy, Inc. is an oilfield technology company. The Company is primarily engaged in the business of developing combustion management technologies for the oil and gas industry. It specializes in the creation of burner-management systems, used on a range of oilfield natural-draft fire tube vessels. It offers burner-management systems, which help to ignite, monitor and manage the burner flame. Its solution, the PF3100, helps manage and synchronize custom applications helping oilfield producers meet deadlines through an off-the-shelf solution with dynamic customization. It also sells complementary oilfield products. Such products help manage fuel flow (such as valves and fuel trains), meter air flow (such as airplates), generate power on-site (such as solar packages), ignite and direct flame (such as flare stack igniter and nozzles), and other functions. In addition to the burner-management systems and complementary technologies, it also offers chemical-management systems. PROFIRE ENERGY, INC. (NASDAQ:PFIE) Recent Trading Information
PROFIRE ENERGY, INC. (NASDAQ:PFIE) closed its last trading session up +0.04 at 1.47 with 32,703 shares trading hands.