Fuel Tech, Inc. (Nasdaq: FTEK), a world leader in advanced engineering solutions for the optimization of combustion systems and emissions control in utility and industrial applications, today announced that its Board of Directors has authorized the repurchase of up to $6 million dollars of its outstanding common shares through June 30, 2013. The share repurchase program will be funded through the Company’s existing cash.
Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchase will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time.
Douglas G. Bailey, Chairman, President and Chief Executive Officer, commented, “As was the case with our $6 million share repurchase program that commenced in August of 2011 and was completed in March of 2012, we continue to believe that the current valuation of Fuel Tech stock makes the repurchase of Company shares a solid investment. This announcement demonstrates the Board's continued confidence in the Company's strategy, growth opportunities and financial strength. Fuel Tech’s strong financial condition and cash flow will allow us to take advantage of the opportunity to purchase our stock at attractive prices while simultaneously continuing to invest in the Company's future growth.”
About Fuel Tech
Fuel Tech is a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, and advanced engineering services. These technologies enable customers to produce both energy and processed materials in a cost-effective and environmentally sustainable manner.
The Company’s nitrogen oxide (NO
) reduction technologies include advanced combustion modification techniques - such as
Low NOx Burners
Over-Fire Air systems
- and post-combustion NO
control approaches, including
NOxOUT® and HERT™ SNCR
systems as well as systems that incorporate
(Advanced Selective Catalytic Reduction),
processes. These technologies have established Fuel Tech as a leader in NO
reduction, with installations on over 700 units worldwide, where coal, fuel oil, natural gas, municipal waste, biomass, and other fuels are utilized.
technology revolves around the unique application of chemicals to improve the efficiency, reliability, fuel flexibility and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity and operational issues associated with sulfur trioxide, ammonium bisulfate, particulate matter (PM
), carbon dioxide and NO
. This technology, in the form of a customizable FUEL CHEM program, is experienced on over 110 combustion units burning a wide variety of fuels including coal, heavy oil, biomass, and municipal waste.
Fuel Tech also provides a range of combustion optimization services, including airflow testing, coal flow testing and boiler tuning, as well as services to help optimize selective catalytic reduction system performance, including catalyst management services and ammonia injection grid tuning. In addition, flow corrective devices and physical and computational modeling services are available to optimize flue gas distribution and mixing in both power plant and industrial applications.