Rentech Announces Share Repurchase Program of Up to $25 million
27 February 2012 - 11:00PM
Business Wire
Rentech, Inc. (NYSE AMEX: RTK) today announced that its Board of
Directors has authorized the repurchase of up to $25 million of its
outstanding common shares.
"We believe that the repurchase of our common stock at
attractive prices is a good investment, and highlights our
commitment to use our capital to maximize value for our
shareholders," said D. Hunt Ramsbottom, President and Chief
Executive Officer of Rentech. Mr. Ramsbottom continued, "We believe
we have ample resources to fund this program while maintaining the
financial flexibility to invest in our growth initiatives. We
remain committed to maintaining a strong balance sheet and we are
confident in our future growth prospects and ability to drive
long-term value for our shareholders."
The share repurchase program will be funded by the Company’s
available cash. Rentech may buy shares in the open market or
through privately negotiated transactions from time to time over
the next 12 months as permitted by federal securities laws and
other legal requirements. The timing, manner, price and amount of
any repurchases will be determined by Rentech in its discretion and
will be subject to economic and market conditions, stock price and
other factors and compliance with applicable legal requirements.
The plan does not obligate Rentech to acquire any particular amount
of common stock, and can be implemented, suspended or discontinued
at any time without prior notice at the Company's sole
discretion.
About Rentech, Inc.
Rentech, Inc. (www.rentechinc.com) owns and develops
technologies that enable the production of certified synthetic
fuels and renewable power when integrated with certain other
third-party technologies. The Company’s clean energy technology
portfolio includes the Rentech-SilvaGas biomass gasification
technology and the Rentech-ClearFuels biomass gasification
technology, both of which can produce synthesis gas from biomass
and waste materials for production of renewable power and fuels.
The Rentech-ClearFuels gasifier can also produce renewable hydrogen
as a product. Rentech also owns the patented Rentech Process which
is based on Fischer-Tropsch chemistry. The Rentech Process can
convert syngas from the Company’s own or other gasification
technologies into complex hydrocarbons that then can be upgraded
into fuels or chemicals using refining technology that we
license.
Rentech also owns, through its wholly owned subsidiaries, the
general partner interest and approximately 61% of the common units
representing limited partner interests in Rentech Nitrogen
Partners, L.P. (www.rentechnitrogen.com), a publicly traded limited
partnership. Rentech Nitrogen Partners, L.P. manufactures and sells
nitrogen fertilizer products including ammonia, urea ammonia
nitrate, granular urea and urea liquor in the Mid Corn Belt region
of the United States.
Safe Harbor Statement
This press release contains forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995
about matters such as statements concerning maximizing shareholder
value through the repurchase of the Company’s shares, the
repurchase of common stock to be an efficient use of capital and
the Company’s future growth prospects. These statements are based
on management’s current expectations and actual results may differ
materially as a result of various risks and uncertainties. Other
factors that could cause actual results to differ from those
reflected in the forward-looking statements are set forth in the
Company’s prior press releases and periodic public filings with the
Securities and Exchange Commission, which are available via
Rentech’s website at www.rentechinc.com. The forward-looking statements
in this press release are made as of the date of this press release
and Rentech does not undertake to revise or update these
forward-looking statements, except to the extent that it is
required to do so under applicable law.
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