Energy Recovery (ERII) Approves $10M Buyback

Energy Recovery Inc. (NASDAQ: ERII) announced today that its Board of Directors approved a share repurchase program that authorizes the company to purchase up to $10 million of the company's outstanding common stock.

Energy Recovery's President and CEO Joel Gay commented, "We continue to advance the commercialization of our technologies through the development of new applications in new industries. Recent achievements, including the licensing of our VorTeq™ technology and letter of award for IsoBoost®, demonstrate the success of this strategy. The Board's authorization to purchase shares is driven by these successes and confidence in the company's long term strategy."

Under the newly authorized repurchase program, purchases of shares of common stock may be made from time to time in the open market, or in privately negotiated transactions, in compliance with applicable state and federal securities laws. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements, and capital availability. The share buyback program does not obligate the Company to acquire any specific number of shares in any period, and may be expanded, extended, modified or discontinued at any time without prior notice.

Payment for shares repurchased under the program will be funded using the Company's cash on hand.

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