WOODSTOCK, Minn., April 13, 2011 /PRNewswire/ -- Juhl Wind Inc. (OTCBB: JUHL), the Leader in Community Wind Power, today announced that its board of directors recently approved an extension of the Company's common stock repurchase plan. The size, scope and timing of any purchases will be in accordance with the rules of the Securities Exchange Act of 1934, including the safe harbor rules of Section 10b-18 of the Act and further shall be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents and capital availability.
The share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations of rules 10b5-1 and the safe harbor rules of 10b-18 of the Exchange Act. The board approved an increased allocation for the plan to $250,000 for this repurchase plan and will consider modifications to the plan from time to time as market conditions warrant.
"We've seen a significant improvement in our balance sheet recently as we wrap up work on some very large wind farm projects, which has afforded us the opportunity to continue and expand this repurchase plan," stated John Mitola, President of Juhl Wind. "We felt strongly, in light of the current pricing for our common stock, that the time was right for us to extend our stock repurchase plan given our growing confidence in the strength of our business and the availability of our balance sheet capital."
The repurchase program does not require the Company to acquire any particular amount of common stock, and the program may be suspended, modified or discontinued at any time at the Company's discretion without prior notice. The Rule 10b5-1 plan allows the Company to execute trades during periods when it would ordinarily not be permitted to do so because it may be in possession of material non-public information, because of insider trading laws or due to self-imposed trading blackout periods. A broker chosen by the Company will have the authority, under the prices, terms and limitations set forth in the Rule 10b5-1 plan, including compliance with Rule 10b-18 of the Act, to repurchase shares on the Company's behalf. Because the repurchases under the Rule 10b5-1 plan will be triggered by certain share prices, there is no guarantee as to the exact number of shares that will be repurchased under the Rule 10b5-1 plan, or that there will be any repurchases at all pursuant to the Rule 10b5-1 plan.