Sep 25, 2009 (FinancialWire via COMTEX) -- (Comment on this article at
http://www.financialwire.net/2009/09...chase-program/)
September 25, 2009 (FinancialWire) -- Evolution Fuels, Inc. (OTC: EVFL) TODAY
board of directors authorized a stock repurchase program under which up to ten
billion shares of its outstanding common stock may be acquired in the open
market over the next six months at the discretion of management.
The shares will be purchased from time to time at prevailing market prices,
through open market or unsolicited negotiated transactions, depending upon
market conditions. Under the program, the purchases will be funded from
available working capital, and the repurchased shares will be held in treasury
or used for ongoing stock issuances such as issuances under employee stock
plans. There is no guarantee as to the exact number of shares that will be
repurchased by the company, and the company may discontinue purchases at any
time that management determines additional purchases are not warranted.
Evolution Fuels' CEO, Dennis McLaughlin, remarked, "The board's approval of this
program reflects our confidence in Evolution Fuels' future. Repurchasing stock
demonstrates our commitment to enhancing stockholder value."
The company endeavors to market renewable transportation fuels at retail fuel
stations that will provide blends of ethanol from 10% to 85% (E10 to E85), and
biodiesel blends from 5% to 20% (B5 to B20).
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