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not one vote against? damn, I definitely cut my teeth here.
donuts on me this time.
We're looking forward to seeing you at the Global Petroleum Show in Calgary, AB June 13 - Jun 15! Come see us at... fb.me/A9tXGZtC
Profire Energy Purchased 1.3 Million Shares of PFIE for a Total of $1,703,000 from CEO Brenton Hatch and Extended Its Stock R...
Source: GlobeNewswire Inc.
Profire Energy, Inc. (NASDAQ:PFIE), a technology company which creates, installs and services burner and chemical management solutions in the oil and gas industry, entered into a Stock Redemption Agreement on May 25, 2017 with Hatch Family Holdings Company, LLC (“Hatch Family Holdings”), which is wholly owned by Brenton Hatch, Profire Energy’s Chairman and CEO, to purchase $1,703,000 worth of its Profire common stock.
Mr. Hatch decided to cause Hatch Family Holdings to enter into this agreement to sell approximately 9% of Mr. Hatch’s total holdings of Profire stock to diversify assets, capitalize on estate planning opportunities and participate in charitable giving. Pursuant to this agreement, Profire purchased 1.3 million shares of common stock from Hatch Family Holdings at a price equal to the thirty-day average closing price as of the day immediately preceding the date of the agreement. Even after this sale of shares, Mr. Hatch still beneficially owns 12,450,000 shares or approximately 23% of Profire’s outstanding stock. Profire believes that, with his remaining equity ownership, Mr. Hatch remains firmly committed to the success of the Company. The shares repurchased pursuant to the Stock Redemption Agreement were not purchased as part of the Company’s previously announced share repurchase program, which coincidentally also terminated on May 25, 2017. Additionally, on May 23, 2017 all contemplated sales of Profire common stock were completed under Mr. Hatch’s previously announced 10b5-1 trading plan. Profire anticipates that, in the immediate future, Mr. Hatch will not continue selling shares pursuant to any 10b5-1 plan; however, Profire acknowledges he may elect to adopt a 10b5-1 plan or otherwise sell shares as he deems appropriate subject to applicable legal requirements.
Ryan Oviatt, Profire’s CFO, commented, “This purchase offers another significant opportunity for the company to buy back shares at an attractive value while preserving the public float. We firmly believe that purchasing Profire shares continues to provide meaningful returns to our shareholders.”
In addition to the transaction noted above, on May 25, 2017, the board of directors approved the continuation of Profire’s previously implemented Stock Repurchase Program. Profire is now authorized to purchase up to $2 million worth of its common stock through the end of May 2018.
Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both Profire and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and Profire’s financial performance. Open market purchases will be conducted in accordance with applicable legal requirements.
The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares.
About Profire Energy, Inc.
Profire Energy assists energy production companies in the safe and efficient production and transportation of oil and natural gas. As energy companies seek greater safety for their employees, compliance with more stringent regulatory standards, and enhanced margins with their energy production processes, Profire Energy's burner management and chemical injection systems are increasingly becoming part of their solution. Profire Energy has offices in Lindon, Utah; Houston, Texas; Shelocta, Pennsylvania; Greeley, Colorado; and Edmonton, Alberta, Canada. For additional information, visit www.profireenergy.com.
Cautionary Note Regarding Forward-Looking Statements. Statements made in this release that are not historical are forward-looking statements. This release contains forward-looking statements, including, but not limited to, statements (a) regarding Profire’s belief that Mr. Hatch remains committed to the success of the company as a result of his continuing equity ownership in the company notwithstanding his sale of shares to the Profire, (b) regarding the Company continuing its stock repurchase program to purchase of to $2,000,000 worth of through the end of May 2018, (c) regarding Profire’s belief that share repurchases can add value for shareholders and (d) regarding Profire’s belief that Mr. Hatch will not sell additional shares pursuant to a 10b5-1 plan in the immediate future. Forward-looking statements are not guarantees of future results or performance and involve risks, assumptions and uncertainties that could cause actual events or results to differ materially from the events or results described in, or anticipated by, the forward-looking statements. Factors that could materially affect such forward-looking statements include certain economic, business, public market and regulatory risks and factors identified in the company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements are made only as of the date of this release and the Company assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances, except as required by law. Readers should not place undue reliance on these forward-looking statements.
Contact:
Profire Energy, Inc.
Ryan Oviatt, CFO
(801) 796-5127
Primary Logo
Well considering drilling has increased over 100% compared to last year I would expect PFIE sales to increase accordingly.
Bring Andrew back!!!!!!!!!!!!!
We know you're reading these posts!!
I want Andrew back!!
Excellent perspective!
I'd forget about dividends on this pick. Between management's selfish style and the company's narrow focus, we're not likely to see the company move forward meaningfully for at least several years, if ever.
I find this to get a woefully inadequate stock pick for my purposes.
As the company is right now, there is no reason for investors to buy the stock. They need to either offer a dividend or else expand their product line. i was hoping that they would buy CLIR or maybe a competitor. Until something changes, this is dead money.
Does anyone here continue to expect more of PFIE's market performance than has been the case for such a long time?
And, if so, would you kindly explain how you come to that conclusion?
What sorts of change within the company will be necessary to avoid more of the same-old, same-old?
Thanks for your input.
Profire Energy EPS in-line, beats on revenue
http://www.seekingalpha.com/news/3266091
Other than for that, you're happy with PFIE, is that right?
It's so neat to be in the company of other happy investors.
This has suddenly become a really cool board.
In the minds of masters, we become slaves.
Thank you all for contributing to everything but PFIE. I really did learn. As far as REIT's go, I told you about AMT for years now.
I'm looking for the company that's contracted to cut down the redwood forest so trump can have a new coffee table. Or the one that can stick a pipe in "Old Faithful" and get all the gold to make his new toilets.
No regulation means no PFIE. We are going back to lighting oil soaked rags on a stick.
Another insider dump.. had to pay light bill
You demonstrated behavior I find discomforting. How much you invest, how much more you have than I? These are not concerns of mine as you cannot substantiate any claims to such intimate knowledge. And I don't care, frankly.
Yours are declarations of condescension.
This conversion has concluded for me.
Yeah, all sounds good, but in truth, you were talking down to me and trying to big time me.
My response is to let you know I have around 10X your amount invested in the market.
With that said, I have a very small percentage of my money in this stock. Should that make me care any less when I think the company is mismanaged? I don't think so.
I appreciate your wisdom on such matters of how to invest. However, in the future, perhaps you should do so in a less condescending and more helpful manner.
I have no idea what others have in their investment portfolios, never think about it.
Routinely I'll divulge my position sizes as I believe it helps some folks gain a sense of perspective once they've gotten used to the idea of putting meaningful cash on the line. I also make mention of the cost basis as it plays big-time in my investing style. And, of course, when opportunities surface for strengthening position sizes and/or cost bases, I point out pertinent particulars regarding follow-on purchases.
If there's any substance whatsoever to a discussion of portfolio size, I think it stands to reason that it does matter, now that I think about it. So many investors look at a portfolio of $100K or twice or treble that and figure they'll never hit those numbers. But it needs not be so desperate. I well remember starting with $60K and building it to many times that amount. Such things do happen and they are hardly miracles.
It has served me quite well for the last 20+ years of having to do nothing other than invest.
BTW, I would venture a guess that I have one of the largest investment accounts of anyone here on Ihub.
Maybe it's time to let go of absolutes that won't outperform your instincts?
The chart is speaking to me
If so, all of its holdings will, too
What has you thinking so?
NRZ has done alright for me. I think my best ever was BOX that got bought out privately for a big gain.
Many years ago made a huge gain on $NM, but lost much of it back in VLCCF
AMZA is going to tank soon I predict
I stay away from ETF's. I've done enough tracking of them to note they skim off the top. Watch something you can track like oil or gas, then watch the ETF, you'll find the ETF lags the actual index.
Only one I'll touch is the Spider, that's just a cheap version of an index mutual fund.
NGL
ALDW
CEQP
AMZA
SFL
KNOP
AMZA is the oddball of the bunch as it's an ETF built of a small bunch of MLP's. It's good for a 19% yield. It's my smallest position in the above as I tend to exceed the ROE.
ALDW is my hugest position with NGL following.
NRZ is my best performing REIT at this time although CIM has been extremelky good.
My requirements are, they must have earnings, and preferably rising dividends.
I've gotten burnt too often in shipping stocks, although must admit, some of my big gainers were on a couple of them.
Geez, finally something worth discussing on Ihub. Post 'em here
http://investorshub.advfn.com/Dividends-1726/
NGL
ALDW
CEQP
AMZA
SFL
KNOP
AMZA
I've owned CIM for years, and currently have 5700 shares of NRZ.
I've had this board running for years
http://investorshub.advfn.com/Dividends-1726/
Post good dividend stocks there
Now I have vendettas?
Sure, give me your MLP's. I'll look at anything.
No i like monthly. Psec, GLAD , GAIN , GOOD, WSR , MAIN
CIM, NRZ & LADR are three REITs that have been especially profitable for me. Are you in any of them?
MLP's suck I like REITs much better and give me nice monthly divys
Last year I racked up a 65.7% gain amounting to +$209,009 added.
I don't think you're being improved with your vendettas as they don't stand to improve your circumstances. YTD I'm ahead just 3.4% but being as I'm mostly oil, I believe my moments of triumph are in the cards. However, I'm not at all angry. I'm always hopeful.
I'd be happy to offer some tickers if you're open to MLPs. No insult intended, just trying to be of help to a fellow investor.
Are you sure you understand investing?
I'm not bitter. I'm pissed at company CEO's who screw over shareholders.
Who knows, maybe you were one of them so make allowances.
Or maybe you just like losing money
Are you always so bitter?
I couldn't enjoy my life if I had so much angst.
Sounds like you keep PFIE so you can logically hate it. Beat it up if you like but I'm not seeing the benefit. Seems childish.
Yeah....."most of your picks"....but not this one. I own it still because it's sucking and I don't feel like taking the loss just yet.
I'm sure all your stocks only go up in value.....just like everyone else here on IHUB
Why do you continue to own a stock that gives you nothing but anguish?
Most of my picks pay ME.
My passive income supports me well. I hope you have a similar arrangement.
As a shareholder, I want my CEO's working for my best interest, not their own. This is why almost all penny stocks are scams. .....and may well be why this stock sucks.
It doesn't have to be all or nothing for me.
We aren't talking about what is currently his to sell. We are talking about issuing new shares, when the company is so obviously underperforming. It's like giving a CEO a bonus for a failing company.
If you can show me where the officers of this company are ONLY paid in shares, I will change my opinion.
My background is former Director of Investor Relations for traded companies in the energy sector. My rank was that of a Vice President.
I could write a book on dilution.
When an insider receives options convertible to common shares, two items are usually in play:
1. The company is strapped for cash and offers a stake in the firm's future via warrants or options set to become viable at preset valuations.
2. The above is acceptable so long as the Director is willing to wait until the warrants or options reach critical mass.
At that point it remains the seller's prerogative to hold or sell. Nobody has any business criticizing an employee for selling what is his to sell, especially when it may well be his paycheck IN ITS ENTIRETY.
PFIE's diluting is not a concern of mine as I have no control over it nor do I wish for things to be different.
Loans can be conditional on circumstances that have been agreed upon. If a Director chooses to piss away his money derived from shares or options, it's not our business. When an investor disagrees with issues such as dilution, it's time for him to break away.
PFIE's diluting is not a concern of mine as I have no control over it nor do I wish for things to be different. I'm not a control freak, don't want that sort of control over anybody.
That's crazy. As a shareholder, you own a part of this company and certainly do have the right to expect the officers not to dilute the stock whenever they wish.
As for loaning money, you should let the bank know they don't have any right to control their loan on your house.
You have the right to speak freely. But your example is terrible as it implies you OWN a moral right because of money that exchanged hands. There are no strings attached when it comes to money. If you loan money, it is no longer yours to control.
This won't fly with those who insist on maintaining control.
Who are we to demand others spend according to our dictates? I think that's nuts. So does the law of the land.
This is about judgmental nature trying to impose morality on others.
People are free to be nice, to be good, to be evil---so long as they do not infringe upon the laws of the land.
The Directors are free to do as they do so long as they do not rob us. And in this instance they haven't. If someone feels otherwise, he might complain in Moral Court or contact the company itself.
Crazy discussion, I think.
Would you accept criticism from others because of your spending habits?
BWHAHAHA!!! Worst excuse for an exec maybe ever!
They are compensated for their services. They spend as they see fit.
Would you accept criticism from others because of your spending habits?
The issue isn't about insiders and how they elect to spend their money. It's about the investor receiving nothing.
This is why I am not an investor in PFIE.
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BOARD OF DIRECTORS
Brenton W. Hatch Brenton co-founded Profire Combustion, Inc. in 2002. Since that time he has served as the Chief Executive Officer and General Manager of the Company. He has been responsible for the day-to-day operations of Profire Combustion since its inception. Prior to founding Profire Combustion, between 2001 and 2002 he was a Management Consultant and General Manager of Titan Technologies, Inc., an oilfield service and distribution company in Edmonton, Alberta, Canada. In this position, he performed an in-depth analysis of the operations and management of all divisions of Titan Technologies. Based on his analysis, company-wide operational changes were implemented to improve company performance. From 1989 to 2000 he served as President and Chief Executive Officer of Keaton International, Inc., an educational services company based in Edmonton, Alberta, Canada. He managed all executive functions of the company and particularly focused on the development and management of the company's educational services. During his time at Keaton International, Brenton led corporate networking and marketing campaigns world-wide. He earned a Bachelor's Degree in Education from the University of Alberta in 1974. He is not, nor has he in the past five years been a nominee or director of any other SEC registrant or registered investment company. We considered Mr. Hatch's experience as a founder and as the principal executive officer of Profire Combustion, as well as his previous management and operational oversight experience in concluding that he should serve as a director of the Company. Harold Albert
Harold co-founded Profire Combustion, Inc. in 2002. He has served as the President and Chief Operating Officer of Profire Combustion since that time. Harold is responsible for research and development of new products and services. He oversees our Canadian operations. Prior to founding Profire Combustion, he worked in the oil services industry for Titan Technologies, Inc. from 1996 to 2002. During that time he served as an Associate Manager overseeing the company's burner division. From 1993 to 1996 he was employed with Natco Canada doing start up and commissioning of oil and gas facilities in both Canada and Russia. Harold is not, nor has he in the past five years been, a nominee or director of any other SEC registrant or registered investment company. We considered Mr. Albert's experience as a founder and principal operating officer, combined with his previous management and operational experience in concluding that he should serve on the Company's board of directors. Andrew Limpert
Andrew graduated from the University of Utah with a Bachelors of Science degree in Finance in 1994. He earned a Masters of Business Administration with an emphasis in Finance from Westminster College in 1998. He joined The Flooring Zone, Inc. in November 2007. From 1998 to 2008, Andrew was an investment advisor with Belsen Getty, LLC, providing wealth management direction and strategic and financial advice for several investment banks. For the past 15 years he has founded, consulted on and funded numerous businesses in the private and public arenas. In 2007 he became the chairman of the board of directors of Nine Mile Software Inc., a rebalancing and mutual fund trading software developer. Nine Mile Software became an SEC registrant during 2008. He resigned as Chairman of Nine Mile in April of 2011. During the past five years he has also served as a director of Ohr Pharmaceutical Inc., a New York based biotech incubator. Ohr Pharmaceutical is also an SEC registrant. In April 2010 he resigned as an officer and director of Ohr Pharmaceutical. Andrew is not, nor has he in the past five years been, a nominee or director of any registered investment company. We considered Mr. Limpert's extensive investment experience and his related finance and educational background in concluding that he should serve on the Company's board of directors. |
INVESTOR FACT SHEET (2011 ANNUAL)
OUR OPPORTUNITY |
| March 31, 2011. | March 31, 2010. | Change |
Revenues | $8,033,926 | $5,912,350 | 35.8% |
EBITDA | $2,423,580 | $1,942,156 | 24.7% |
Net Income | $1,626,463 | $1,279,275 | 27.1% |
Earnings Per Share | $0.04 | $0.03 | 33% |
Accounts Receivables | $2,294,780 | $1,092,037 | 110% |
Total Assets | $5,998,864 | $4,215,952 | 42.3% |
The Profire 2100 Burner Management System is developed to exceed the industry standard with each detail carefully designed to meet the stringent CSA and UL codes, while at the same time providing an intuitive and clear management menu for easy operation. From the industry leading stackable expansion modules to the technician designed layout and interface, every detail has been carefully scrutinized to provide the finest and most robust Burner Management System ever developed. Our team of qualified designers and engineers have spent years in the development of the 2100 and have created a BMS that will meet and exceed rigorous industry expectations.
Brenton W. Hatch (B. Ed) - President, Chairman and Chief Executive Officer
Andrew Limpert (B. Sc, MBA) - Chief Financial Officer
Harold Albert - Chief Operating Officer
Contact:
Profire Investor Relations
(801) 796-5127
Follow us on twitter@profirenews
Forward looking disclaimer: The information contained in this release includes forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially. Certain statements contained herein constitute forward- looking statements with the meaning of the Private Securities Litigation Reform Act of 1995. Such forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from those expressed or implied, including but not limited to, risks described in the Company's periodic reports on file with the Securities and Exchange Commission.
RECENT 10Ks for 2011-2012
Q1 June 2011 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8023836
Q2 September 2011 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8240284
Q3 January 2012 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8410674
Market Value1 | $45,000,000 | a/o Aug 12, 2011 |
Shares Outstanding | 45,000,000 | a/o Aug 05, 2010 |
Float | 6,000,000 | a/o May 09, 2011 |
Authorized Shares | Unlimited | a/o |
Par Value | 0.001 |
Shareholders of Record | 117 | a/o Jul 01, 2011 |
Short Interest | 0 (-100%) Jun 30, 2011 |
Significant Failures to Deliver | No |
OTC Stock Transfer, Inc. PROFIRE HOMEPAGE http://profireenergy.com/ FACEBOOK PAGE http://www.facebook.com/pages/Profire-Energy/110056225715986 |
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