WALTHAM, Mass., Dec. 17, 2015 /PRNewswire/ -- American DG Energy Inc. (NYSE MKT: ADGE), On-Site Utility™, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and fitness facilities is pleased to announce the material completion of the Board of Director's SEC Rule 10b5-1 share purchase plan. The purchase plan was announced on September 17, 2015 and purchased American DG stock in the open market with a per share upper limit of $0.50. In aggregate the Directors and certain members of executive management purchased approximately 857,000 shares, equivalent to approximately 1.7% of total shares outstanding.
Although the Director's 10b5-1 plan is now complete, the previously approved Company sponsored common stock repurchase program, announced by the Board of Directors on September 19, 2014, remains in effect. That prior approval allows for the purchase of up to 1,000,000 shares of common stock over a 24 month period at prices not to exceed $1.30. As of September 30, 2015, the end of American DG Energy's fiscal third quarter, there were over 176,000 shares remaining in the Company's corporate repurchase authorization.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. We are committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities - without any capital or start-up costs to the energy user - through our On-Site Utility™ energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. Learn more about how American DG Energy reduces energy costs at www.americandg.com or follow us on Facebook and Twitter.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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SOURCE American DG Energy Inc.