Able CEO Announces Repurchase of Common Stock
Rockaway, New Jersey (April 14, 2003) - ABLE ENERGY, INC. ("Able") today announced that its Chief Executive Officer, Timothy Harrington, is planning to purchase up to $50,000 worth of shares of Able Common Stock in the next twelve months. Mr. Harrington intends to use his personal funds to purchase the Common stock in the open market. Mr. Harrington's decision to implement such program was based on the Common Stock's market price, which he believes is undervalued.
Commenting on this repurchase program, Timothy Harrington, Able's Chief Executive Officer stated, "Able has recorded record revenue in these last three months." Our company is trading at a value of approximately $6 million. Considering we are on track to record $40 million in revenues this year and turn a profit, we saw this as an attractive opportunity to buy securities that we believe are very undervalued."
Following the completion of the repurchase program Able will still have in excess of 900,000 shares in the public float which will satisfy Nasdaq's numerical public float requirement.
Able successfully completed its initial public offering of common stock on June 25, 1999. The offering consisted of 1 million shares of common stock at an initial offering price of $7.00 per share.
Able is a holding company for five operating subsidiaries, which are engaged in the retail distribution of, and the provision of services relating to, home heating oil, fuel oil, and propane gas. Able also offers complete HVAC installation and repair.
Able's common stock is traded on the Nasdaq SmallCap Market under the Symbol "ABLE" and on the Boston Stock Exchange under the Symbol "AEI".
The statements contained in this Press Release contain certain forward-looking statements, including statements regarding Able and its subsidiary's expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to Able's management as at the date hereof and actual results may vary based upon future events, both within and without the control of the Able's management.
For information contact
Timothy Harrington, Chief Executive Officer