ALLENTOWN, Pennsylvania, February 20, 2018 /PRNewswire/ --
American Energy Partners, Inc. (OTC: AEPT) (the "Company", "American Energy" or "AEPT"), a diversified energy company, today announces that its board of directors have authorized up to $1 million executive share buy-back program. The authorization extends through the end of 2020, and repurchases will be made in accordance with applicable securities laws from time to time in open market or private transactions, depending on market conditions, and may be discontinued at any time.
American Energy's Chairman & CEO, Mr. Brad Domitrovitsch states, "The advantages of this decision are essentially two-fold. American Energy's executives are reinvesting earnings in the company's shares and this will serve to offset dilution from using equity as currency in M&A activity." With an already high percentage of insider ownership representing approximately 70% of shares outstanding, this decision highlights the confidence in American Energy's ability to perform and the growth we see in the upcoming year.
Our ability to continue to meet previous targets is indicative of the quality of the company's assets and the efforts of our organization to deliver strong performance. Going forward, we will continue to demonstrate financial discipline with a focus on returns. Our 2018 M&A investment plan is anticipated to produce substantial free cash flow.
American Energy Partners, Inc. (AEPT)
AEPT and its group of companies focus on providing solutions in markets where energy production and water meet technology. Collectively, the subsidiaries are engaged in the energy sector as well as the design, construction and operation of regional water treatment facilities that serve the industrial, energy and government sectors.
For additional information, visit: American Energy Partners, Inc.
This press release contains forward-looking statements, particularly as related to, among other things, the business plans of AEPT, statements relating to goals, plans and projections regarding AEPT's financial position and business strategy. The words or phrases "would be," "will allow," "intends to," "may result," "are expected to," "will continue," "anticipates," "expects," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "think", "considers" or similar expressions are intended to identify "forward-looking statements." These forward-looking statements fall within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 and are subject to the safe harbor created by these sections. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions or orders that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions, the performance of management and our employees, our ability to obtain financing, competition, general economic conditions and other factors that are detailed in our periodic reports and on documents we file from time to time with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. AEPT cautions readers not to place undue reliance on such statements. AEPT does not undertake, and AEPT specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. Actual results may differ materially from AEPT's expectations and estimates.
SOURCE American Energy Partners, Inc.