808 Renewable Energy to buy back 20 million shares of its common stock

By Lisa Kerner

Charlotte, N.C., Oct. 10 – 808 Renewable Energy Corp.’s board of directors authorized the repurchase of up to 20 million shares of its common stock on the open market.

“We feel that at the current prices and our assets’ intrinsic and book value we are trading at a deep discount,” chief executive officer Patrick Carter said in a company news release. “We will continue to purchase shares until this is no longer the best use of any excess capital that we may have.”

808 Renewable continues to be debt free and has no payables or receivables, according to the news release.

Currently, 808 Renewable owns and operates 22 CHP energy systems in six sites spread across the San Francisco Bay Area and Southern California.

Based in Garden Grove, Calif., 808 Renewable Energy’s primary focus is to provide and manage renewable, eco-friendly projects for manufacturing companies and other large facilities.

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