Profire Energy Announces $2 Million Share Buyback Program

Core Viewpoint - Profire Energy, Inc. has announced a share buyback program authorized by its Board of Directors, allowing the company to repurchase up to $2 million of its common stock until June 30, 2025 [1][2]. Group 1: Share Buyback Program - The share buyback program is intended to opportunistically return capital to shareholders, with repurchases made at Management's discretion based on attractive pricing and the best interests of the company and its shareholders [2]. - Repurchases may occur under a Rule 10b5-1 plan, allowing shares to be bought back even when the company is restricted from doing so under insider trading laws [2]. Group 2: Management's Perspective - Co-CEO and CFO Ryan Oviatt emphasized the strong financial position and cash flow generation of the company, viewing the buyback as a strategic investment for long-term shareholder value [3]. - Co-CEO Cameron Tidball expressed optimism about future prospects, highlighting the robustness of the legacy business and progress in diversifying revenue streams, aligning the buyback with a balanced capital allocation strategy [3]. Group 3: Company Overview - Profire Energy specializes in enhancing the efficiency, safety, and reliability of industrial combustion appliances, primarily serving the oil and gas industry across upstream, midstream, and downstream segments [4]. - The company has expanded its market by completing installations of burner-management solutions in various industries, with a focus on engineering and design of combustion management systems [4]. - Profire's products and services are primarily marketed in North America, supported by a team of sales and service professionals strategically located across the United States and Canada [4].