808 Renewable Energy Corporation (OTCQX:RNWR) is pleased to announce that it has authorized a share buyback program to repurchase up to twenty million shares of its common stock on the open market.
October 10, 2014: 12:10 AM ET
GARDEN GROVE, Calif., Oct. 10, 2014 /PRNewswire/ -- 808 Renewable Energy Corporation (OTCQX: RNWR) is pleased to announce that the Board of Directors has authorized a share buyback program to repurchase up to twenty million (20,000,000) shares of its common stock on the open market. "We feel that at the current prices and our assets intrinsic and book value we are trading at a deep discount.
We will continue to purchase shares until this is no longer the best use of any excess capital that we may have. We continue to be debt free and have no payables or receivables," Patrick Carter, the Company's CEO, states. "We feel our company is in a better position than ever and that with no debt and a low price we are buyers of our own stock at these levels."
808 Renewable Energy currently owns and operates 22 CHP energy systems in 6 sites spread across San Francisco Bay Area and Southern California. The Company is California's leading CHP owner/operator of CHP systems under 1.5 MW, supplying the public and the private sectors with eco-friendly, cost-effective electrical and thermal energy.
For further information and updates on 808 Renewable Energy OTCQX: RNWR), its trading status, completed projects and services offered, please visit: www.808renewableenergy.com. 808 Renewable Energy can also be found on Twitter (@808RenewableEnergy), as well as on the Web and Social Media, via the hashtag #WeAreInvested.
Forward Looking Statements
Statements contained in this press release may contain forward-looking statements. Any historical facts stated is faithfully represented as of the date these statements are released. Any expectations about the projected production are based on current projection and may substantially change under unforeseen events and/or circumstances in the future. The Company is not obliged to update the forward-looking statements provided for any events that occur or any circumstances that exist after the date this statement are published.